This is partly due to the low cost of the raw materials necessary to make the battery. And as these batteries continue to grow in mass production, the cost of manufacturing continues to get cheaper as well. Battaglia said the large volumes at which these batteries are produced have cut the costs quite a bit. But it wasn't always this cheap.
Evelina Stoikou, energy storage senior associate at BNEF and lead author of the report, said: “It is another year where battery prices closely followed raw material prices. In the many years that we’ve been doing this survey, falling prices have been driven by scale learnings and technological innovation, but that dynamic has changed.
Still, they do have drawbacks that leave an opening for other types of batteries to contribute. Though the cost of lithium-ion batteries has dropped swiftly over the last decade, they are still relatively expensive, at around $140 per kilowatt-hour for an EV battery pack.
BloombergNEF’s annual battery price survey finds a 14% drop from 2022 to 2023 New York, November 27, 2023 – Following unprecedented price increases in 2022, battery prices are falling again this year. The price of lithium-ion battery packs has dropped 14% to a record low of $139/kWh, according to analysis by research provider BloombergNEF (BNEF).
The figures represent an average across multiple battery end-uses, including different types of electric vehicles, buses and stationary storage projects. For battery electric vehicle (BEV) packs, prices were $128/kWh on a volume-weighted average basis in 2023. At the cell level, average prices for BEVs were just $89/kWh.
For battery electric vehicle (BEV) packs, prices were $128/kWh on a volume-weighted average basis in 2023. At the cell level, average prices for BEVs were just $89/kWh. This indicates that on average, cells account for 78% of the total pack price. Over the last four years, the cell-to-pack cost ratio has risen from the traditional 70:30 split.
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The price of lithium-ion battery packs has dropped 14% to a record low of $139/kWh, according to analysis by research provider BloombergNEF (BNEF). This was driven by raw material and component …
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And although Li-ion batteries have become relatively cheap, there is still a lot of room for even further cost reductions. By one estimate, prices could drop to $70 per kilowatt-hour by 2050...
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Lithium-ion batteries have dramatically dropped in price since being commercialised. A new study examines why, and how to improve them more.
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