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.