According to a study released by consulting firm McKinsey & Company, the price of EV lithium batteries used in electric cars will drop 70% by 2025.

On average, these batteries cost $600/kWh. McKinsey predicts that the price will drop to $200/kWh by 2020 and even lower to $160/kWh by 2025. Today, a Nissan LEAF 24 kWh battery retails at $14,400; its price will be less than $3,480 in 2025 - a significant markdown of $10,560.

The study indicates that, although mass manufacturing processes have certainly contributed to cost reduction, new players in the industry (like Apple) have also been instrumental in lowering battery prices.