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Electric car battery prices rise for first time in more than a decade

Soaring cost of key metals challenge efforts to turn EVs into a mass market product

The price of lithium-ion batteries rose for the first time in more than a decade this year, with surging raw material costs expected to challenge the car industry’s efforts to turn electric vehicles into a mass market product.

Soaring prices of battery metals such as lithium, cobalt and nickel and higher component costs pushed battery pack prices up to $151 per kilowatt hour, a 7 per cent rise compared with a year ago and the first increase since BloombergNEF began its annual survey in 2010.

The company expects prices to rise further to $152 per kWh next year. In 2010, prices were $1,160 per kWh on average.

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