Most of us underestimate how quickly electric vehicles (EVs) will take over the car market. It’s mostly down to the plummeting cost of batteries. They have only become cost-competitive in the last few years and have fallen in price 98% since the 1990s. (99% if you include inflation.)
This gave me a combined series of the unit cost of lithium-ion batteries from 1991 to 2022 in $2022. I’ve plotted it as a chart here. And here is the logarithmic version.
Calculating the cost of EV batteries
Now that we have the unit cost of batteries, we can multiply it by the size of EV batteries.
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