Battery costs have declined by 99% in the last three decades, making electrified transport a reality

Over 20 million electric cars were sold globally in 2025. Most of these cars sold for around $40,000, but some are now as cheap as$10,000.1 Even just two decades ago, these prices and sales figures would have been impossible. That’s because the batteries were far too expensive. The chart below shows the decline in lithium-ion battery cell prices since 1991. Note that this is shown on a logarithmic scale. The price declined by more than 99%. In 1991, lithium-ion batteries cost around $9,200 per.