EVs drive toward lower battery costs
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The quest to cut electric vehicle costs to fossil fuel-powered car levels has seen battery pack prices fall by 88% over the past decade. The battery pack is the single most expensive part of an EV
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Lithium-ion battery pack: Housed along chassis of car
Upper housing

Modules consist of up to 25,000 individual cells
Negative anode (graphite)
Separator
Positive cathode (lithium metal oxide)

Cell modules
Baseplate with cooling system
Underbody protection
Battery management controller 
Connector strip

Changing lithium-ion battery pack costs

(2020 US$ per kilowatt hour, weighted average*) 
*Weighted average recognizes difference between cost of cells and packs

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Cells and components 
Packs

2023: Battery makers expect to hit $101/kWh. Threshold for price parity with petrol engines is $100/kWh


2010 356 835 $1,191
2011 269 630 $899 Down 25%
2012 212 495 $707 21%
2013 210 458 $668 6%
2014 190 403 $593 11% 
2015 127 257 $384 35%
2016 80  215 $295 23%
2017 65  156 $221 25%
2018 50  130 $180 18%
2019 47  110 $157 13%
2020 35  102 $137 13%
2023 $101
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Sources: Bloomberg New Energy Finance, Johnson Matthey Technology Review © GRAPHIC NEWS