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The EV battery evolution: Unlocking mass adoption
One of the most significant enablers of commercial electric vehicle (EV) adoption has been the dramatic decline in battery costs. Over the past three decades, lithium-ion battery prices have fallen drastically, dropping from around $9 200 per kilowatt-hour (kWh) in 1991 to roughly $74 per kWh, with even more competitive prices observed in specific regions. This decline has transformed the economics of EVs, reducing the cost of a typical EV battery pack from well over $20 000 a decade ago to around $5 000 today, making EVs increasingly affordable for the mass market.
29 July 2026