Samuel Wilson 
Battery Packs in Electric Vehicles: Cost Comparison
The battery pack is a vital and expensive component of electric vehicles (EVs). Its cost depends on various factors such as the chemical composition, capacity, raw materials, production expenses, and supply chain stability. The shift towards electrifying larger vehicles like trucks and SUVs further emphasizes the significance of battery pack costs.
While automakers rarely disclose precise figures, Visual Capitalist used data from Benchmark Minerals Intelligence to estimate the replacement battery pack costs for six different EVs spanning various chemistry types and vehicle segments.
- 2025 Ram 1500 REV
- Battery cost: $25,853
- Chemistry: Nickel Cobalt Manganese (NCM)
- Capacity: 229 kWh
- Percentage of total vehicle cost: Approximately 32%
- 2025 Cadillac Escalade IQ
- Battery cost: $22,540
- Chemistry: Nickel Cobalt Manganese Aluminum (NCMA)
- Capacity: 200 kWh
- Percentage of total vehicle cost: Approximately 17%
- 2023 Ford Mustang Mach-E
- Battery cost: $6,895
- Chemistry: Lithium Iron Phosphate (LFP)
- Capacity: 70 kWh
- Percentage of total vehicle cost: Approximately 16%
- 2023 Tesla Model S
- 2022 Rivian Amazon EDV
- 2023 Volkswagen ID.4
It’s worth noting that except for the Ford Mustang Mach-E, all six EVs are manufactured in the United States.
This comparison also highlights the cost variations between different battery chemistry types:
- Lithium Nickel Cobalt Aluminum Oxide (NCA): The most expensive chemistry type, averaging $120.3 per kWh.
- Lithium Nickel Cobalt Manganese Oxide (NCM): Slightly cheaper at $112.7 per kWh.
- Lithium Iron Phosphate (LFP): More affordable than cobalt and nickel-based variants, averaging $98.5 per kWh.
The choice of chemistry impacts specific energy and suitability for different EV types. NCM batteries dominated the market in 2021 with 58% market share, while LFP and NCA each held 21%. However, by 2026, LFP’s market share is predicted to nearly double to 38%, with NCM at 45%, and NCA declining to 7%.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Dive Digest journalist was involved in the writing and production of this article.