Batteries for electric vehicles have certainly gotten cheaper over the last decade, but according to a new report published by the US Department of Energy (DOE), prices have gone down considerably.This is still an estimate, though, and it only results in that percentage if you use constant dollars, which is done by adjusting their value for inflation and current purchasing power.Apparently, in 2021 the cost for 1 kWh was 7 percent lower than today, at about $138, and it could have risen further in 2022 had it not been for the widespread introduction of LFP (lithium iron phosphate) technology.This was explained by Evelina Stoikou, an energy market expert and author of the study, who said thatRaw material and component price increases have been the biggest contributors to the higher cell prices observed in 2022.This is helped by the much larger production volumes for EVs and their battery packs in the People’s Republic, as well as by the fact that China has massive reserves of lithium."