EV Battery Costs Higher in 2022

Dec. 13, 2022

As consumers express concern over EV affordability, rising battery costs could add a new hurdle to purchasing interest.

Dec. 13 2022Dealing a blow to affordability in EVs in 2022 was the rising cost of batteries (and raw materials to produce them). 

According to a Bloomberg New Energy Report cited by Green Car Reports, “the volume-weighted average for lithium-ion battery pack prices reached $151/kwh this year, a 7% increase over 2021.” 

These increases are the first of its kind since BNEF began tracing prices in 2010. 

The report said average prices may have been higher “if not for increased adoption of the lower-cost lithium iron phosphate (LFP) chemistry as an alternative to the nickel manganese cobalt (NMC) used by many manufacturers.” 

This news comes after consumers express concern over EVs' cost. 

About the Author

Ratchet+Wrench Staff Reporters

The Ratchet+Wrench staff reporters have a combined two-plus decades of journalism and mechanical repair experience.

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