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Lithium-ion (Li-ion) EV battery prices have decreased dramatically over the past few years, mainly due to the fall in prices of critical battery metals: Lithium, cobalt and nickel. For example, the price of cobalt has fallen from roughly $70,000
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Lithium-ion battery pack prices dropped 20% in 2024, reaching $115/kWh. EV battery prices dip below $100/kWh—explore the trends behind this decline.
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