Battery Prices Are Falling Again as Raw Material Costs Drop

11/27/2023 06:34
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Battery Prices Are Falling Again as Raw Material Costs Drop

BloombergNEF breaks down the biggest annual drop in its lithium-ion battery price survey since 2018.

BloombergNEF breaks down the biggest annual drop in its lithium-ion battery price survey since 2018.

Cylindrical battery cells undergoing tests in the UK.

Photographer: Bloomberg Creative Photos/Bloomberg Creative Collection

As the auto industry grapples with how to make affordable EVs, the task may get easier by one key metric. Battery prices are resuming a long-term trend of decline, following an unprecedented increase last year.

According to BloombergNEF’s annual lithium-ion battery price surveyBloomberg Terminal, average pack prices fell to $139 per kilowatt hour this year, a 14% drop from $161/kWh in 2022.1

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Battery Prices Are Falling Again as Raw Material Costs Drop

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