This figure illustrates the long journey taken by the electric car

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The prices of electric cars today remain one of the obstacles to the democratization of this type of vehicle. However, these prices have already fallen considerably, compared to the previous decade. And among the elements on which the prices of electric cars depend the most is the cost of the battery, which has already fallen drastically. This is illustrated by a recent publication from the Vehicle Technologies Office of the US Department of Energy. Indeed, according to this publication, between 2008 and 2023, the cost of a lithium-ion battery for a light electric car fell by 90%.

According to the Department of Energy’s estimates, the cost in 2023 is $139 per kWh, for a scale of at least 100,000 units per year. However, in 2008, this cost would have been $1,415 per kWh. “The cost decline is due to improvements in battery technologies and chemistries, as well as manufacturing improvements and increased production volume,” the publication also reads. As a reminder, in 2008, electric cars were still very rare, but they already existed. Among the models available at the time was Tesla’s Roadster.

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New ideas for lowering battery prices

In any case, the US government is publishing this statistic while we are currently seeing a drop in battery costs. Goldman Sachs Research estimates that the cost of batteries could drop by 40% between 2023 and 2025, and that an electric car could have the same price as its thermal equivalent from 2025. But in addition to the fact that the supply of raw materials is increasingly meeting demand, manufacturers are also finding other ways to reduce the cost of batteries.

For example, the Renault group recently announced a partnership with LG Energy Solution and CATL to supply LFP (Lithium Iron Phosphate) batteries, which cost less than the NCM (Nickel Cobalt Manganese) batteries it currently uses. “This plan is part of Ampère’s roadmap to reduce costs by 40% before the next generation of vehicles”, declared Josep Maria Recasens, operational director of Ampère (Renault).

• The cost of the battery, one of the most expensive components of an electric car, has already dropped drastically
• According to estimates, between 2008 and 2023, the price per kWh has been reduced by 90%
• Currently, battery costs are still falling and some manufacturers are turning to new chemistries to produce cheaper vehicles

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