Projected Price Per kWh of Lithium-Ion Batteries by 2030: Commodity Prices, Learning Curve, and EV Costs

A study by Goldman Sachs suggests that the cost of EV batteries could drop to around $80 per kWh as early as 2026. This would mark a major milestone, as battery prices are one of the largest factors in the cost of electric vehicles. Looking ahead to 2030, further reductions could push prices even lower, potentially approaching $60 per kWh. These cost declines would come from a combination of lower commodity prices, manufacturing advancements, research and development in energy density, and the learning curve, where costs decrease as production scales up.

Battery Costs Today

As of 2023, the average price of lithium-ion batteries is about $130 per kWh. For a standard EV with a 60 kWh battery, that translates to