How much will battery electric cars cost in 2026?

Our researchers forecast that average battery prices could fall towards $80/kWh by 2026, amounting to a drop of almost 50% from 2023, a level at which battery electric vehicles would achieve ownership cost parity with gasoline-fueled cars in the US on an unsubsidized basis. Source: Company data, Wood Mackenzie, SNE Research, Goldman Sachs Research

Will Russia's invasion of Ukraine halt battery prices?

But Russia’s invasion of Ukraine threatens to halt the slide. Prices of nickel, lithium and cobalt — key raw materials for battery manufacturing — were already rising because of global demand.

Will a drop in green metal prices push electric vehicle battery prices lower?

Technology advances that have allowed electric vehicle battery makers to increase energy density, combined with a drop in green metal prices, will push battery prices lower than previously expected, according to Goldman Sachs Research.

Will Russia become the first country to produce lithium ion batteries?

It aims to become Russia’s first-ever domestic producer of lithium-bearing raw materials and eventually build full local production of lithium-ion batteries. The project was originally expected to reach full annual production capacity of 45,000 metric tons of lithium carbonate and hydroxide by 2030.

How much will a battery cost in 2022?

Global average battery prices declined from $153 per kilowatt-hour (kWh) in 2022 to $149 in 2023, and they’re projected by Goldman Sachs Research to fall to $111 by the close of this year.

When will Russia start producing lithium ion cells?

The signed agreement also includes the construction of a plant for the production of lithium-ion cells for electric vehicles and energy storage systems in Russia with a production capacity of at least 2 GWh by 2030. According to Rosatom, the start of the first production stage is planned for 2025.