Battery Breakthroughs

Lithium-ion batteries power nearly all modern EVs. Their energy density has roughly tripled since 2010, while costs have fallen from about $1,200 per kilowatt-hour to under $140. That trajectory is what turned EVs from niche novelties into mass-market products. The battery typically accounts for 30 to 40 percent of the vehicle's total cost.

Next-generation chemistries are closing in. Lithium iron phosphate batteries trade some density for lower cost and no cobalt. Solid-state batteries replace liquid electrolyte with a solid, promising higher density, faster charging, and reduced fire risk.