Lithium - Ion Battery Pack Prices

Batteries constitute a huge component of EV manufacturing costs; and prices of battery packs have plummeted from $732/kWh in 2013 to $141/kWh in 2021, before slightly increasing back up again to $151 kWh in 2022.

The decline in Lithium-ion battery prices can be attributed to changes in pack design and to more energy dense batteries.

The recent increase in price has stemmed from rising raw material prices and battery component prices, but overall battery pack prices are forecasted to decline further into the future.

Estimates place lithium-ion battery pack costs to less than US $100/kWh in 2026, as lithium extraction and refining capacities continue to increase.