Average Lithium-Ion Battery Pack Prices (2013-2024)

Over the past decade, the cost of lithium-ion battery packs — the most expensive component of an electric vehicle — has plummeted by over 83%, falling from $668/kWh in 2013 to just $115/kWh in 2024. The cheapest lithium-ion battery packs sold in 2024 sold in China for $94/kWh. This dramatic drop has been a game-changer for EV affordability,  transforming them from luxury novelties into viable mass-market options. In 2010, the average electric vehicle cost well over $60,000, with early models like the Tesla Roadster and Nissan Leaf priced out of reach for most consumers. Today, however, entry-level EVs such as the BYD Dolphin or Chevy Bolt start at $25,000–$30,000, and even premium models are priced competitively with their gas-powered counterparts. The steep decline in battery prices has allowed automakers to produce EVs at scale, reduce sticker prices, and make electric mobility accessible to a much broader global audience. Simply put, cheaper batteries have supercharged the EV revolution.