The two main engines of mass electrification are battery energy density and battery costs and both improved tremendously over the past 15 years.
The two main drivers of mass electrification are battery energy density and battery costs , and both have improved tremendously over the past 15 years. According to the Department of Energy’s Vehicle Technologies Office, the average cost of a light-duty electric vehicle's lithium-ion battery pack decreased by 90% between 2008 and 2023 when using 2023 constant dollars to reflect purchasing power .
Estimated EV Lithium-Ion Battery Pack Cost, 2008-2023 Estimated EV Lithium-Ion Battery Pack Cost, 2008-2023 It's said that three main elements allowed battery costs to be brought down: improvements in battery technologies and chemistries, improvements in manufacturing, and simply a higher production volume. We can calculate that at $139/kWh of usable battery capacity, a brand new 100-kWh pack should cost $13,900. A more popular 80-kWh pack would be $11,120.
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