How much does an electric vehicle battery cost?

Inside each electric vehicle battery pack are multiple interconnected modules made up of tens to hundreds of rechargeable Lithium-ion cells. Collectively, these cells make up roughly 77 percent of the total cost of an average battery pack, or about $101 per kilowatt hour.

How much does a battery cost per kilowatt-hour?

The industry was looking toward a battery cell cost threshold of $100 per kilowatt-hour, as a signal electric vehicles were reaching price parity with fossil-fuel equivalents. Costs of nickel, lithium and cobalt—key supplies for battery manufacturing—have been rising due to world demand.

Why are electric cars so expensive?

The major driver of the high upfront price for electric cars is the cost of batteries – which accounts for 30-40 percent of the EV price. Key factors behind this are the expensive processes involved in battery manufacturing and costs related to the value chain, such as higher battery raw material costs.

Why is a PHEV battery so expensive?

In fact, the greater stress on the PHEV battery from city traffic conditions, tends to increase the aging of the battery and, therefore, the related costs. In summary, the usage cost of a PHEV battery is greater than optimal in all situations in which frequent stops and acceleration/deceleration phases occur.

What is the cost of an EV battery pack?

In 2010, the cost of an EV battery pack was over $1,000 per kWh. It fell to $150 per kWh in 2019. The challenge for the automotive industry is to further reduce the price of battery packs to less than $100/kWh and ultimately to about $80/kWh.

Why do batteries cost a low cost per unit of energy?

Fewer cells are needed to build a battery pack in electric vehicles with lower sticker prices than gas cars, resulting in a lower cost for other cell materials. Cobalt, the most expensive material within the cathode, is typically used in smaller quantities in such formulations, leading to cheaper batteries.