What is the most expensive part of an electric car?

I’ve heard that EVs are expensive to build, which is why they cost so much. What is the most costly part of an electric car?

Chanice Boyd · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The expensive parts needed to build an EV are a big part of why they cost so much for consumers. The batteries are the most expensive single component of an electric car, costing upwards of $20,000.
The reason is simple. To pack more energy into your
electric car
, manufacturers need to find and extract expensive materials like cobalt, lithium, and manganese. Electric vehicles are sold for more money to make up for these high initial costs.
As expensive as electric cars and their batteries are to make, their prices have fallen over the years. An EV today is much cheaper than it would have been five years ago.
If you’re interested in buying an electric car, you have plenty of room to reduce your spending. You could take advantage of federal and state tax credits or save money on your car insurance. Download the
app and see how much you can save. The average Jerry user saves over $800 a year on car insurance.
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