Toronto, Ontario – A recent study made by Visual Capitalist using data from Benchmark Materials shows calculations for the replacement costs of different battery types in six existing and upcoming EVs.
According to the study, many upcoming EVs that fall into SUV and pickup truck categories also have heavy batteries for extended driving range, and this means that they have higher costs.
For example, the study shows how the upcoming 2025 Ram 1500 REV comes with a 229 kWh nickel cobalt manganese battery made by LG Energy Solutions. This battery has an approximate cost of $35,000 CAD–the battery alone representing 32 percent of the truck’s total pricing.
Similarly, the 2025 Cadillac Escalade IQ, which made its debut in August, comes with a nickel cobalt manganese aluminum battery also made by LG Energy Solutions. This battery has an approximate cost of $31,000 CAD, or 17 percent of the vehicle’s overall price.
Comparatively, the study shows that lithium iron phosphate batteries and other lithium-based batteries are most cost effective.
For example, the 2023 Ford Mustang Mach-E has an approximate cost of $9,400 CAD, which is still 16 percent of the vehicle’s total pricing, but a much cheaper overall price tag.
Despite these high costs, the good news is that EV high-voltage batteries typically have a long life-cycle. Some EV batteries can even last over 400,000 km.
Still, battery pricing in the event of potential replacements is something for consumers to consider when they make the eventual switch to electric vehicles.
