Key Trends

China has the cheapest battery pack prices ($111/kWh)

U.S. pack price ($155/kWh, 40% higher than China)

E.U pack price ($177/kWh, 60% higher than China)

Factors Decreasing Price

Adoption of low-cost cathode chemistry LFP (On average, LFP cells are ~30% cheaper than NMC cells in 2021) Decreased use of Co in Ni-based cathodes

Factors Increasing Price

Rising commodity prices (Li, Co, Ni) Increased costs for key materials (e.g. electrolytes)

Source: Bloomberg, BNEF Battery Price Survey

Extracted from the PDF; charts and images may read imperfectly.