Here's Why EV Battery Prices Are Increasing

12 Dec 2022 | Abstracted from Car Buzz

"Numerous factors, mainly the rising costs of essential battery materials like cobalt, nickel, and lithium...average battery price would have been even higher than current rates, but this was prevented thanks to the switch to the less expensive lithium-ion phosphate batteries

"China continues to have the cheapest pack prices on average at $127 per kWh. The US and Europe's average prices are 24% and 33% higher, respectively."

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