FOTW #1354, August 5, 2024: Electric Vehicle Battery Pack Costs for a Light-Duty Vehicle in 2023 Are 90% Lower than in 2008, according to DOE Estimates | Department of Energy

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The Department of Energy’s (DOE’s) Vehicle Technologies Office estimates the cost of a electric vehicle lithium-ion battery pack for a light-duty vehicle declined 90% between 2008 and 2023 (using 2023 constant dollars). The 2023 estimate is $139/kWh on a usable-energy basis for production at scale of at least 100,000 units per year. That compares to $1,415/kWh in 2008. The decline in cost is due to improvements in battery technologies and chemistries, as well as improvements in manufacturing and increases in production volume.

Note: Cost refers to usable energy and not rated energy.

Sources: 2018–2023 – U.S. DOE, Vehicle Technologies Office, using Argonne National Laboratory’s BatPaC: Battery Manufacturing Cost Estimation Tool.

2017 – Steven Boyd, DOE, Vehicle Technologies Office, 2017 Annual Merit Review, Batteries and Electrification R&D Overview, June 18, 2018, PowerPoint presentation, p. 7.

2016 – David Howell, DOE, Vehicle Technologies Office, 2017 Annual Merit Review, Electrochemical Energy Storage R&D Overview, June 20, 2017, PowerPoint presentation, p. 6.

2008–2015 – National Academies of Sciences, Engineering, and Medicine 2017. Review of the Research Program of the U.S. DRIVE Partnership: Fifth Report. Washington, DC: The National Academies Press, p. 173.

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