The rechargeable lithium-ion batteries that electric cars use are expensive because of the raw materials used for producing them. Metals such as nickel, cobalt, lithium, and manganese are pricey. Manufacturers mine, process, and convert these materials into chemical compounds needed for battery cells to store and deliver energy. These are the same type of batteries your mobile phone and laptop computer use, but they’re much larger and grouped together in packs for an EV.

Electric car battery manufacturers are working on substituting the more expensive commodities with cheaper ones to reduce costs without sacrificing an EV’s safety or highway-capable performance.

Simplifying battery pack design for electric vehicles may also bring additional price reductions in the long term. As with other new technologies, the initial high cost associated with the research and development required to deliver improvements to EV range and charging time becomes lower following widespread implementation.

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