The Electric: Low-Cost Batteries Have Made Some EVs as Cheap as Gas Cars

The price of lithium-ion batteries fell below a long-sought threshold this year—but prices need to fall still further to make most electric vehicles competitive with similar gas-powered cars, according to BloombergNEF, a renewable energy research firm.

BNEF said in its annual price survey that the average global price for EV battery packs fell 27% in 2024 to $97 per kilowatt-hour, allowing automakers to profitably sell some electric vehicles—largely expensive luxury cars—for the same price as similar gas autos.