The Next 12 Months

Investments into batteries and EVs will continue to accelerate relative to 2022 levels, particularly in themes related to local and regional battery manufacturing, battery materials, components, equipment supply chain, and EV infrastructure. Funding for battery and EV investments to top $45B in 2023.

Cell-to-Module and Cell-to-Pack designs will reach maturity and be commercialized in serial production vehicles.

Cost of battery raw materials will increase as supply chain capacity lags soaring demand. Cathode active materials prices for NCM cathodes to see at least 10% increase in 2023.

Manufacturing scale-up for both pilot-scale and gigafactories will encounter growing pains particularly in the USA and Europe. At least 5 new delays to production timelines will be announced in 2023.

EV prices for consumers will fall as global OEMs compete to capture market share in a race to reach economy of scale. ASP (average sales price) for similar EV product lines will decrease by at least 10% in 2023.

Novel battery technologies will receive attention for addressing beyond-EV applications such as grid storage, wearables, drones, robotics, IoT, and others. At least 5 new or existing companies will be funded to make batteries for beyond-EV markets.

The US will require assistance from other countries in order to jump-start its domestic battery supply chain and manufacturing capacity. IRA incentives will be open to countries beyond the 20 currently listed free-trade-agreement countries with the US.

EV market penetration continue to accelerate - global EV sales will top 10 million passenger vehicles for the first time.

Predictions

Volta Foundation

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