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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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