Cell Costs
Pages 34–39 (6 pages)
Text on page 38
Cell Costs
2023 Battery Pack Prices
2023 Battery Pack Prices
Battery prices resume long trend of decline after unprecedented increase in 2022
Average pack price dropped 14% to a record low of $139/kWh
This was driven by raw material and component prices falling while production capacity overshot demand
Pack-to-cell price ratio is recently plateauing at ~1:5
Prices were lowest in China, followed by US and then Europe. There was intense price competition in a crowded market in China
LFP cells were 32% cheaper than NMC cells
Prices are converging across sectors
Commercial EV pack prices ex.China are converging on average prices in the BEV and ESS sectors
Source: Bloomberg NEF
Extracted from the PDF; charts and images may read imperfectly.
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