Falling Battery Prices Could Accelerate EV Uptake
Electric vehicle battery prices have plummeted to record lows in recent months, creating conditions that could dramatically accelerate EV adoption across global markets. According to industry data, lithium-ion battery costs for the vehicle sector recently reached approximately $57 for a kilowatt-hour of LFP battery chemistry and $61 for a kWh of NMC chemistry. This represents a dramatic decline from 2022 levels, when prices stood at $134 for LFP and $148 for NMC at the peak of the speculation-driven lithium boom plus pandemic-related supply challenges. The price collapse stems from a fundamental market shift that occurred roughly two years ago, when…
