How much does an electric car battery cost?

The price of a lithium-ion battery pack in electric cars has plummeted as their production volume has become higher. Besides, the development of more cost-effective options to manufacture the battery has also contributed to the price drop. In 2010, when the electric cars were first introduced to the market, their batteries cost about USD 1,000 per kilowatt-hour (kWh). Since then, lithium-ion battery prices have decreased by 87% to USD 156/kWh over the past decade, according to an annual report of Bloomberg New Energy Finance released in December 2019. And the research service previously forecast the prices would plunge to as little as USD 73/kWh by 2030. As their prices decrease, carmakers have built an infrastructure to add more battery capacity to their models, which enables far more economical cars that house a battery with improved capacity to be manufactured. 

The highest running cost for an electric car occurs when replacing its battery. However, the battery price keeps falling, and the numbers are expected to reach below USD 100/kWh by 2030, according to the current prediction. Most automakers offer a warranty that covers the cost of replacing batteries of an electric car for a certain number of years or distance. The number of years or range covered by the battery warranty of each company varies according to countries. Kia provides a battery warranty of 3 to 10 years for its electric vehicle lineup. The coverage of Kia’s battery warranty depends on your nation, so we recommend you visit our website or contact an authorized Kia dealer in your neighborhood to find out how many years/miles or kilometers your model can be covered under our battery warranty.