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Electric-car battery prices dropped 13% in 2019, will reach $100/kwh in 2023

Those numbers were part of an annual report released Tuesday by Bloomberg New Energy Finance (BNEF). The report also suggested that we’ll reach the $100/kwh mark earlier than it had previously anticipated—by 2023. 

A battery pack is typically the single most expensive component in an electric car. While automakers have so far decided to add more cell capacity into their vehicles as the price falls, the potential is there as infrastructure builds out for dramatically more affordable models that go modest on battery capacity. 

Just two years ago, in 2017, the average price of a lithium-ion vehicle battery pack was $209/kwh, and BNEF had previously predicted the business would fall below $100/kwh by 2025.