7 EV Battery Stocks for Green Tech Investors

Electric vehicles are basically cool-looking batteries with wheels. The EV revolution wouldn’t be possible without the advances made in lithium battery technologies – but there’s still a long way to go. Take the Tesla Model 3, the most affordable model in the company’s lineup. The battery packs weigh in around 1,000 pounds and cost somewhere in the neighborhood of $14,000 – about a third of the price of the entire vehicle based on 100-kilowatt hour (kWh) batteries at $142 per kWh. 

The big brains who calculate such things tell us that batteries need to hit about $100 per kWh to reach price parity with the internal combustion engine. It’s only a matter of time, considering costs have dropped nearly 90% over the last decade, from $1,200/kWh in 2010 to $132/kWh in 2021. In fact, the MBAs at BloombergNEF predict average battery pack prices should be below $100/kWh by 2024. Of course, there are the usual caveats with these projections, especially given the supply chain woes from the Rona. The near-term forecast calls for a slight uptick in per kWh costs due to rises in raw materials.