Costs

Battery Pack Prices See Largest Drop Since 2017 VOLUMEWEIGHTED AVERAGE LIION BATTERY PACK AND CELL PRICE SPLIT

Average Li-ion battery pack prices dropped 20% from 2023 to a record low of $115 /kWh in 2024. Factors driving the decline include:

Cell manufacturing overcapacity

Economies of scale and reductions in underlying costs from incremental manufacturing improvements such as yield/quality

Low raw material and component prices

Adoption of lower-cost LFP batteries

Slowdown in EV sales growth

Note: Prices vary widely across different countries and application areas.

Source: Content & analysis provided courtesy of BloombergNEF Distinguished Partner). Note: historical prices have been updated to reflect real 2024 dollars. Weighted average survey value includes 343 data points from passenger cars, buses, commercial vehicles, and energy storage.

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