How much does a lithium ion EV battery cost?

According to the DOE, the cost of a lithium-ion EV battery was 89 percent lower in 2022 than it was in 2008, and this trend is continuing as production volume increases and battery technology advances. Still, even with the drop in costs for EV battery packs, the cost to replace a battery pack could range from around $7,000 to nearly $30,000.

How much does it cost to replace an electric car battery?

The data at this time is limited, as only a small number of EV models have been on the market long enough to warrant a battery replacement. On average, you can expect the replacement cost of an electric car's battery to run from $5,000 to upward of $15,000, according to an article from Consumer Reports.

How much does it cost to replace a battery on a Tesla?

Estimates to replace the battery in older Nissan Leafs that are out of warranty range between $5,500 and $7,500, while replacement batteries for Teslas start at $13,000. Battery replacement costs can vary between models. Here's a look at the battery replacement costs of three different Teslas.

How much does a refurbished battery cost?

Like with the Model 3 above, the same third parties offer refurbished batteries for less than new (or refurbished) packs from Tesla. At re/cell, prices start at $115/kWh and go up to $135/kWh for performance and longer range. Greentec offers refurbished packs from $118/kWh to $145/kWh.

Why are lithium batteries so expensive?

Rare metals like nickel, cobalt, lithium, and manganese are challenging to source and expensive to mine, but they are integral to current battery production. With lithium used in batteries for high-performance electronic devices and electric vehicles, demand can cause shortages, further driving up the costs.

How much does a battery cost in 2024?

The $111/kWh is a global average, too. For instance, in early 2024, LFP cells made by CATL and BYD were seem as low as $56/kWh. While the cell price is cheaper than the pack price, and although US prices tend to be 10-12% higher, the news out of China offers a promising glimpse of the battery future.