Sunday, July 14, 2024
NewsReplacement Costs of Electric Vehicle Batteries Are Astronomic

Replacement Costs of Electric Vehicle Batteries Are Astronomic

A recent analysis by Visual Capitalist reveals the varying costs of replacement battery packs for several electric vehicles, with the 2025 Ram 1500 REV’s battery being one of the priciest.

 

  • The 2025 Ram 1500 REV’s battery pack, priced at approximately $25,853, constitutes almost 32% of the vehicle’s total cost.

  • Battery chemistry varies in cost, with lithium nickel cobalt aluminum oxide (NCA) being the most expensive at $120.3 per kWh.

  • By 2026, Lithium iron phosphate (LFP) battery market share is predicted to surge to 38%, while NCM and NCA shares are expected to shift.


 

According to an analysis conducted by Visual Capitalist using Benchmark Minerals Intelligence data, the cost of replacing battery packs for electric vehicles can vary widely, but is more often than not astronomical. A standout finding from the analysis is the estimated cost of the 2025 Ram 1500 REV’s battery pack: a whopping $25,853 USD. This is nearly equivalent to the starting price of a 2024 Toyota Prius. Boasting a capacity of 229 kilowatt-hours and constructed using Nickel Cobalt Manganese (NCM) chemistry, this battery pack is the costliest among those compared.

2025 Ram 1500 REV Photo: Ram

In contrast, the 2023 Ford Mustang Mach-E boasts the most affordable battery in the study, priced at $6,895 USD. Interestingly, while the batteries differ in price, both the Ram and the Mustang Mach-E feature cells from LG Energy Solution.

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The research also delved into the cost dynamics of different battery chemistries. NCA batteries rank as the most expensive, costing $120.3 per kWh. Meanwhile, NCM cells are a tad more affordable at $112.7 per kWh. Both these types have considerable nickel content, enhancing the battery’s energy density. On the other hand, LFP batteries, priced at $98.5 per kWh, are more cost-effective but offer less energy.

In terms of market share, NCM batteries led in 2021 with 58%. Predictions for 2026 anticipate a rise in LFP’s share to 38%, while NCM’s share may decrease to 45% and NCA’s to a mere 7%.

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