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Battery Pack Prices See Largest Drop Since 2017 VOLUME-WEIGHTED AVERAGE LI-ION 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.
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