Forget everything you’ve heard about how electric vehicles are running out of charge. In the biggest car market, they’re on the brink of victory — and the rest of the world will soon follow.

Battery metals such as lithium, nickel and cobalt are down by, respectively, 80%, 30%, and 25% over the past year. The cells made out of them are heading the same direction, with Goldman Sachs Group Inc. predicting a 40% drop in pack prices between 2023 and 2025, putting the global average well below $100 per kilowatt hour.