BNEF: Lithium-ion battery pack prices drop to record low of $115/kWh

Battery prices continue to tumble on the back of lower metal costs and increased scale, squeezing margins for manufacturers. Further price declines are expected over the next decade. From ESS News Battery prices saw their biggest annual drop since 2017, with lithium-ion battery pack prices down by 20% from 2023 to a record low of $115/kWh, according to analysis by BloombergNEF (BNEF). Factors driving the decline include cell manufacturing overcapacity, economies of scale, low metal and component prices, adoption of lower-cost lithium-iron-phosphate (LFP) batteries, and a slowdown in electric vehicle ...

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