Secretary Chu: Costs of Batteries Coming Down

DoE goal is to reduce price from today's $12,000 a pack price to $1,500 by 2020.

Published: 12-Jan-2012

Industry and government are on track to bring down the cost of batteries to power hybrid and electric cars, which is crucial for improving commercial appeal of those vehicles, U.S. Energy Secretary Steven Chu said on Wednesday.

Complete Video of Secretary Chu's Remarks at Detroit Economic Club

Chu said at the Detroit Economic Club the Obama administration is not deterred by soft sales of plug-ins in their first full year in showrooms, nor does it worry about the potential for overcapacity in battery production.

And, he said, the administration is sticking to its goal of seeing up to 1 million electric and plug-in hybrids on U.S. roads by the middle of next decade -- a goal industry insiders believe is over-optimistic.

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