Electric vehicle costs are falling to record levels!

While electric vehicles are rapidly entering our lives, battery costs, which are seen as one of the biggest obstacles, are decreasing at record levels. Prices for electric vehicle batteries have fallen by nearly 90 percent over the past 15 years, according to new data from the U.S. Department of Energy (DOE). So, how will this decline in batteries be reflected in electric vehicle prices?

Electric vehicle battery costs have fallen 90 percent in the last 15 years

In 2008, a lithium-ion electric vehicle battery costs full energy per available energy $1,415/kWh It was around. This figure was a serious obstacle to the widespread use of electric vehicles. But by 2023, the same battery will cost approximately $139/kWh fell. So how did this huge difference happen?

Several critical factors lie behind this massive decline. First of all, incredible progress has been made in battery technologies. Improvements in the chemical composition of batteries and making production processes more efficient have contributed greatly to the reduction of costs. Additionally, the increase in production volume significantly reduced the cost per unit. In other words, it has paved the way not only for more electric vehicles on the roads, but also for more affordable electric vehicles to be produced.

This decline may be good news not only for today but also for tomorrow. According to Bloomberg data, 28 percent of the total cost of an electric vehicle in 2024 will come from the battery. However, this rate may drop to 19 percent by 2030. This means that this decrease in battery prices will affect the price of electric vehicles. will make it more accessible.

Another important factor contributing to the decrease in battery costs is recycle. Companies recycle old electric vehicle batteries and make them reusable. Companies like Redwood Materials, founded by Tesla co-founder JB Straubel, can recover 95 percent of the metals in old electric vehicle batteries. Such efforts naturally drive prices down.

Automakers are preparing to launch lower-cost models. In the future, as the number of companies producing their own electric vehicle batteries increases, costs may fall further and electric vehicles may come closer to replacing fossil fuel vehicles.

So, what do these developments mean for you? Would you consider switching to electric vehicles? You can write your opinions in the comments section below.