According to the Department of Energy's (DOE's) Vehicle Technologies Office, the average cost of a light-duty electric vehicle's lithium-ion battery pack decreased by 90% between 2008 and.
How much does a battery cost?
... order to determine average battery cost for our assessment, industry average battery costs of $128/kWh at the cell level and $176/kWh at the pack level, which are assumed to be for a representative 45 kWh battery pack, are applied to costs for 2018.
How much does an EV battery cost?
That's a huge drop in battery cost. The report says that a kilowatt-hour of usable EV battery capacity costs about $139 in 2023, and using 2023 constant dollars, it was $1,415/kWh in 2008. The estimate was calculated for production at a scale of at least 100,000 battery packs per year.
Given this, BNEF expects average battery pack prices to drop again next year, reaching $133/kWh (in real 2023 dollars). Technological innovation and manufacturing improvement should drive further declines in battery pack prices in the coming years, to $113/kWh in 2025 and $80/kWh in 2030.
For battery electric vehicle (BEV) packs, prices were $128/kWh on a volume-weighted average basis in 2023. At the cell level, average prices for BEVs were just $89/kWh. This indicates that on average, cells account for 78% of the total pack price. Over the last four years, the cell-to-pack cost ratio has risen from the traditional 70:30 split.
The cost of lithium-ion batteries per kWh decreased by 14 percent between 2022 and 2023. Lithium-ion battery price was about 139 U.S. dollars per kWh in 2023.
... The actual battery pack cost in 2020 is 945 CNY/kWh. 41 In the reference scenario, it is expected to be 828 CNY/kWh in 2025, 42 then assumed to reach the U.S. Department of Energy (DOE)'s goal of 552 CNY/ kWh ($80/kWh) by 2040, and assumed to ultimately reduce to 483 CNY/kWh ($70/kWh) by 2050.