Expect to pay more for your next electric vehicle (EV), thanks to the rising cost of batteries.
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The average cost of lithium-ion battery cells increased to an estimated $160 per kilowatt-hour in the first quarter of this year from $105 last year. But experts are optimistic that electric cars will not lose their appeal.
"Battery costs have been steadily declining for ten years, and the recent rise in commodity prices is driven by temporary macro events that extend well beyond electric vehicles," Trent Mell, CEO of Electra Battery Materials Corporation, told Lifewire in an email interview. "Users and consumers will continue to buy electric cars. Even with recent developments, very few have changed their minds about switching to an electric vehicle."
Electric vehicle battery costs are rising because the price of all battery metals, including lithium, nickel and cobalt, has risen, Mell said.
