LG Chem sees global EV sales growing five-fold

Cheaper battery: LG Chem has forecast battery costs, which account for about one third of EV prices and serve as one of the biggest hurdles for the wider adoption of EVs, would fall to US$100 per kilowatt hour in 2025 on average from US$200 in 2015. — Bloomberg

SEOUL: South Korea’s LG Chem, one of the leading electric vehicle (EV) battery makers, expects global sales of EVs to grow more than five-fold from 2018 levels to account for about 15% of global vehicle sales in 2024, it said.

LG Chem, which counts General Motors and Volkswagen among its customers, also forecast battery costs, which account for about one third of EV prices and serve as one of the biggest hurdles for the wider adoption of EVs, would fall to US$100 per kilowatt hour in 2025 on average from US$200 in 2015.