
EV battery prices are plummeting and that’s great news for buyers are plummeting, falling faster than most expected. This year will mark the steepest decline since 2017. With new tech and cheaper alternatives hitting the market, electric vehicles will soon be even more affordable than their gas-powered counterparts.
Electric vehicle prices are quickly closing in on gas-powered cars after the cost of battery packs dropped by 20% in 2024.the cost of EV battery packs fell to $115 per kWh in 2024, its largest drop in seven years. The price drop is due to rising cell production, lower material prices, and cheaper LFP batteries hitting the market.