Electric vehicles (EVs) are becoming increasingly popular as the world seeks to reduce carbon emissions and combat climate change. However, one of the major factors that have deterred potential buyers from switching to electric vehicles is the cost of EV batteries.
The cost of EV batteries has been steadily decreasing over the years, thanks to advancements in technology and economies of scale. It is estimated that the cost of EV batteries has dropped by around 85% over the past decade. In 2020, the average cost of an EV battery was around $156 per kilowatt-hour, with some manufacturers achieving even lower costs.
As battery prices continue to fall, it is expected that the cost of electric vehicles will become more affordable and competitive with traditional combustion engine vehicles. This, in turn, will help accelerate the adoption of EVs and drive further innovation in the electric vehicle industry.
Watch an interesting video on this topic: How Much Do EV Batteries Cost?
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How Much Do EV Batteries Cost?
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All Things EV
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