The price of electric vehicles drops as battery technology improves
The decline in the cost of electric vehicle (EV) batteries is driving the decline in production costs
With the price of the battery pack at $100 per kWh, the production cost of an electric car will be as cheap as a gasoline car
By 2023, the cost of lithium-ion batteries is expected to drop to around $100/kWh-the production price of electric cars is as cheap as gasoline-powered cars.
| Year | Price of Toyota Camry | Price of a 350-mile Range EV |
|---|---|---|
| 2019 | $24,000 | $50,000 |
| 2021 | $25,000 | $39,000 |
| 2023 | $26,000 | $26,000 |
| 2025 | $26,000 | $18,000 |
Figures represent the Manufacturer Suggested Retail Price (MSRP)
