Some owners of electric vehicles are taken aback when they discover the cost of replacing their batteries.
According to the following graphic from Visual Capitalist’s Bruno Venditti and Sabrina Lam, based on the brand and model of the vehicle the cost of a new lithium-ion battery pack could reach $25,000.
However, the price of an EV battery pack is also shaped by raw material costs, production expenses, packaging complexities, and supply chain stability. Chemical composition is one of the primary price factors and is essential in establishing the battery’s duration, power, and safety.
The standard material used for the anodes in most lithium-ion batteries is graphite. In 2021, NCM batteries dominated 58% of the battery market share. LFP is forecasted to reach 38% of the market share in 2026.
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Material prepared by Sherman Portfolios, LLC.