The price of electric vehicle (EV) batteries is a crucial factor that significantly impacts the overall cost of EV ownership. In 2024, the battery cost per kilowatt - hour (kWh) varies widely among different brands, mainly due to several key factors.

Battery chemistry is a fundamental determinant. Lithium - ion batteries, which are dominant in the EV market, have different subtypes such as lithium - iron - phosphate (LFP) and nickel - manganese - cobalt (NMC). LFP batteries are generally more cost - effective as they use less expensive materials, while NMC batteries offer higher energy density but come at a relatively higher cost. For example, Tesla, which has a diverse lineup of EVs, uses both NMC and LFP chemistries. Their Model 3 with a 60 kWh battery pack, which may use different chemistries in different regions, has a battery cost ranging from \(6,000 - \)7,200, with the cost per kWh approximately between \(100 - \)120. Ford, on the other hand, is making efforts to reduce costs. In its Mustang Mach - E (75 kWh), the battery cost per kWh is around \(115 - \)130, with the total battery pack price ranging from \(8,625 - \)9,750. Ford's cost - cutting strategies include investments in battery factories like the BlueOval SK battery factories and the adoption of LFP chemistry for some of its entry - level models.

Manufacturing scale also plays a vital role. Brands with large - scale production facilities can benefit from economies of scale. Tesla, with its Gigafactories, has been able to drive down the cost of battery production. By producing a large number of batteries, they can spread the fixed costs over a greater number of units, reducing the per - unit cost. In contrast, emerging brands or those with smaller production volumes may not enjoy the same cost advantages. For instance, Lucid, which is relatively new in the mass - market EV space, has a higher battery cost. The Lucid Air (118 kWh) has a battery cost ranging from \(16,520 - \)18,880, with a cost per kWh around \(140 - \)160. Their focus on high - end features such as high energy density and long - range capabilities also contributes to the higher price.

Another factor is raw material prices. Lithium, nickel, and cobalt are key raw materials in EV batteries. Fluctuations in the prices of these materials can have a substantial impact on battery costs. When the supply of these raw materials is disrupted or the demand surges, the price of batteries can increase. For example, if there are geopolitical issues affecting the supply of cobalt, which is used in some battery chemistries, it can lead to higher costs for batteries that rely on this element.