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Source: Bloomberg
Published: December 2020

EV battery costs

The highest-priced component of an electric vehicle (EV) just got a little more affordable.

Lithium-ion battery packs have been steadily dropping in price. In 2010, batteries sold for $1,100/kilowatt-hour (kWh). The price has stair-stepped down each year, with batteries costing just $137/kWh in 2020.

                                                                                                             
Year Battery pack price ($/kWh) Cost difference from prior year
2010 $1,183 N/A
2011 $917 22%
2012 $721 21%
2013 $663 8%
2014 $588 11%
2015 $381 35%
2016 $293 23%
2017 $219 26%
2018 $180 15%
2019 $156 13%

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