Electrification
Visualizing the Freefall in Electric Vehicle Battery Prices
Electric Vehicle Prices Fall as EV Battery Tech Improves
Electric vehicles (EVs) only accounted for around 3.2% of global car sales in 2020—a figure that’s set to grow in the coming decade, largely due to falling EV battery costs.
With rising production and technological improvements, batteries are becoming cheaper to produce, making EVs increasingly competitive with gas-powered cars.
Wright’s Law is Right So Far
According to Wright’s Law, also known as the learning curve effect, lithium-ion (Li-ion) battery cell costs fall by 28% for every cumulative doubling of units produced.
Wright’s Law has accurately predicted the decline in battery costs and so far, reported battery prices have been in line with modeled forecasts. The battery pack is the most expensive part of an electric vehicle. Consequently, the sticker prices of EVs fall with declining battery costs.
By 2023, the cost of Li-ion batteries is expected to fall to around $100/kWh—the price point at which EVs are as cheap to make as gas-powered cars.
Year | Price of Toyota Camry ⛽️ | Price of a 350-mile Range EV 🔋 |
---|---|---|
2019 | $24,000 | $50,000 |
2021 | $25,000 | $39,000 |
2023 | $26,000 | $26,000 |
2025 | $26,000 | $18,000 |
Figures represent the Manufacturer Suggested Retail Price (MSRP)
EVs are already cheaper to own and operate than comparable gas-powered cars due to savings from gas, maintenance, and resale value. Therefore, a reduction in retail electric vehicle prices may enable them to compete more directly with gas-powered cars.
According to ARK Invest, the manufacturer’s suggested retail price (MSRP) of a 350-mile range EV will be on par with that of a like-for-like Toyota Camry in 2023. Furthermore, the price of a 350-mile range EV is projected to drop by 53% between 2021-2025—making it $8,000 cheaper than the Camry.
The Electric Catch Up
Electric vehicles are a key piece of the puzzle in the transition to clean energy. Hence, growing consumer awareness around climate change is a catalyst for the EV space.
However, as EV production increases, so does the need for various critical minerals, charging infrastructure, and more. Price is just one of the hurdles that EV manufacturers need to overcome on the road to mainstream EV adoption.
Electrification
Charted: The Energy Demand of U.S. Data Centers
Data center power needs are projected to triple by 2030.

Charted: The Energy Demand of U.S. Data Centers
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As the digital economy accelerates and generative AI becomes more deeply embedded in business and daily life, the physical infrastructure supporting these technologies is undergoing a transformative explosion.
In this graphic, we use data from McKinsey to show current and projected energy demand from data centers in the United States. Data is from October 2023.
U.S. Data Centers Could Quadruple Power Demand by 2030
Today, data centers account for roughly 4% of total U.S. electricity consumption. But by 2030, that share is projected to rise to 12%, driven by unprecedented growth in computing power, storage needs, and AI model training.
In fact, U.S. data center energy demand is set to jump from 224 terawatt-hours in 2025 to 606 terawatt-hours in 2030.
Year | Consumption (TWh) | % of Total Power Demand |
---|---|---|
2023 | 147 | 4% |
2024 | 178 | 4% |
2025 | 224 | 5% |
2026 | 292 | 7% |
2027 | 371 | 8% |
2028 | 450 | 9% |
2029 | 513 | 10% |
2030 | 606 | 12% |
Meeting this projected demand could require $500 billion in new data center infrastructure, along with a vast expansion of electricity generation, grid capacity, and water-cooling systems. Generative AI alone could require 50–60 GW of additional infrastructure.
This massive investment would also depend on upgrades in permitting, land use, and supply chain logistics. For example, the lead time to power new data centers in large markets such as Northern Virginia can exceed three years. In some cases, lead times for electrical equipment are two years or more.
A Strain on the U.S. Grid
The U.S. has experienced relatively flat power demand since 2007. Models suggest that this stability could be disrupted in the coming years. Data center growth alone could account for 30–40% of all net-new electricity demand through 2030.
Unlike typical power loads, data center demand is constant, dense, and growing exponentially. Facilities often operate 24/7, with little downtime and minimal flexibility to reduce usage.
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Electrification
Visualizing China’s Battery Recycling Dominance
In 2025, China will hold 78% of pre-treatment and 89% of refining capacity.

Visualizing China’s Battery Recycling Dominance
Battery recycling is expected to become a cornerstone of the global energy transition as electric vehicles (EVs) and other battery-powered technologies become more widespread.
According to exclusive data from Benchmark Mineral Intelligence, China holds a dominant position in both the pre-treatment and refining stages of battery recycling.
Chinese Growing Dominance
Battery recycling involves two major stages. First is pre-treatment, where recycling begins. Scrap batteries are typically shredded and separated to produce a material known as black mass.
The next stage is refining, which processes black mass into valuable lithium-, nickel-, and cobalt-based chemicals for use in battery cathodes.
China’s scale, infrastructure, and early investments in battery supply chains have translated into an outsized advantage in recycling capacity.
As the largest producer and user of lithium ion batteries, the country is expected to process 3.6 million tonnes of scrap batteries in 2025, up from 1.2 million tonnes in 2022. This would account for 78% of global pre-treatment capacity, with total global capacity projected to exceed 4.6 million tonnes.
Region/Tonnes | 2022 | 2023 | 2024 | 2025P |
---|---|---|---|---|
Global | 1.5M | 2.4M | 2.8M | 4.6M |
China | 1.2M | 1.8M | 2.1M | 3.6M |
Asia excl. China | 158K | 231K | 288K | 361K |
Europe | 118K | 133K | 243K | 416K |
North America | 59K | 165K | 129K | 196K |
ROW | 4K | 6K | 6K | 40K |
In second place is the rest of Asia, with 361,000 tonnes, followed by Europe with 416,000 tonnes. While the U.S. attempts to reduce its reliance on China in the mineral sector, North America accounts for just 196,000 tonnes.
The refining stage is even more concentrated.
China’s black mass refining capacity is projected to nearly triple, from 895,000 tonnes in 2022 to 2.5 million tonnes by 2025—representing 89% of global capacity.
Region/Tonnes | 2022 | 2023 | 2024 | 2025P |
---|---|---|---|---|
Global | 960K | 1.4M | 1.7M | 2.8M |
China | 895K | 1.3M | 1.5M | 2.5M |
Asia excl. China | 48K | 101K | 146K | 225K |
Europe | 13K | 23K | 25K | 28K |
North America | 4K | 5K | 5K | 21K |
ROW | 0 | 1K | 1K | 32K |
Refining is critical, as it converts recycled material into high-purity, battery-grade chemicals. The rest of Asia is expected to refine 225,000 tonnes, Europe 28,000 tonnes, and North America only 21,000 tonnes. Between 2022 and 2025, China’s refining capacity is projected to grow by 179%, while North America’s is expected to surge by 425%—albeit from a much smaller base.
As global demand for EVs and battery storage rises, countries looking to build domestic recycling infrastructure must accelerate investment to reduce dependence on Chinese supply chains.
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