Electric Vehicle Price vs Battery Capacity 2020-2023

February 17, 2023

Incorrys analyzed data for almost 300 models of battery electric vehicles (BEV) from 49 brands worldwide, either currently produced or expected to be produced in 2023. The 2023 estimated average price of currently available vehicles is USD $72,600 as compared to the 2021 estimated average price of USD $70,360. Although battery price is correlated with vehicle price, there is a significant fluctuation between different models. Some models are considered to be more luxury, while other models are small cars.

The retail car price per kWh of battery capacity is expected to remain flat at around USD $1000/kWh for the next few years. One of the main reasons for flat retail prices and prices per kWh of battery capacity is the significant demand of electric vehicles (EVs) and BEVs, which has led to long waiting waiting times for delivery. Battery pack costs expected to gradually decline in the next few years and, coupled with other electric vehicle cost reductions, Incorrys expects that overall electric vehicle costs will be comparable with gasoline powered vehicles of the same range.