The two main drivers of mass electrification are battery energy density (related to range) and battery costs (related to affordability), and both have improved tremendously over the past 15 years.
According to the Department of Energy’s (DOE’s) Vehicle Technologies Office, the average cost of a light-duty electric vehicle's lithium-ion battery pack decreased by 90% between 2008 and 2023 when using 2023 constant dollars to reflect purchasing power (adjustment for inflation).
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