In this article, we deep-dive into the factors that determine an EV battery’s price, replacement costs, and what you can do to keep your car’s battery in good health so you can extend its lifespan as much as possible.
Why is an electric car battery so expensive?
Nowadays, it’s not much of a surprise that batteries are expensive. But why exactly do they cost so much? Obviously, the materials used contribute to the price, but the story is slightly more complex than that. Let’s break down the factors that make up an EV battery’s cost.
Manufacturing also contributes to the cost of an EV battery. Compared to other types of batteries, EV batteries have particularly high energy density – a measure of how much energy can be stored in a given weight. This is essential to maximize the power that can be stored while limiting the car’s weight and ensuring optimal range.
Naturally, this concentrated know-how drives up battery prices, and while countries like the US and EU are trying to develop domestic production, China is likely to remain the leading EV battery supplier until at least 2030.
Replacement of electric car batteries
Given how much EV batteries cost in the first place, it shouldn’t come as a surprise that replacing the battery in an EV is a significant investment.
That said, having to replace an EV’s battery is extremely rare.
For instance, batteries are placed under strain when charged fully or drained completely empty, so it’s recommended to keep your EV’s battery charge between 20 and 80 percent for everyday use. Similarly, charging your EV too often can also wear down the battery, so it’s advised to only charge as much as you need for your use.