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June 02,2025

Battery Prices Dropped 20% in 2024, Lowering Global EV Costs

Battery costs are falling, making EVs cheaper—especially in China, where prices declined fastest in 2024 due to fierce competition and advanced supply chains. A global 20% drop in lithium-ion battery prices signals progress, but the U.S. lags behind. Domestic manufacturing has grown, thanks to tax incentives, but these may be cut under proposed legislation.

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