On average, LFP cells were 20% cheaper than lithium nickel manganese cobalt oxide (NMC) cells in 2022. Prices could have risen further in 2022 had it not been for the higher adoption of the low-cost cathode chemistry known as LFP, and the continued reduction of expensive cobalt in nickel-base cathodes. For the higher end of the range, low volume and bespoke orders push prices up. Higher prices reflect the relative immaturity of these markets, the higher production costs, the diverse range of applications and battery imports. Packs in the US and Europe were 24% and 33% higher, respectively. On a regional basis, battery pack prices were cheapest in China, at $127/kWh. This is partially due to changes to pack design, such as the introduction of cell-to-pack approaches, which have helped reduce costs. Over the last three years, the cell-to-pack cost ratio has diverged from the traditional 70:30 split. This indicates that on average, cells account for 83% of the total pack price. At the cell level, average BEV prices were just $115/kWh. For battery electric vehicle (BEV) packs in particular, prices were $138/kWh on a volume-weighted average basis in 2022. The above figures represent an average across multiple battery end-uses, including different types of electric vehicles, buses and stationary storage projects. BloombergNEF expects prices to stay at similar levels next year, further defying historical trends. The upward cost pressure on batteries outpaced the higher adoption of lower cost chemistries like lithium iron phosphate (LFP). After more than a decade of declines, volume-weighted average prices for lithium-ion battery packs across all sectors have increased to $151/kWh in 2022, a 7% rise from last year in real terms. New York, Decem– Rising raw material and battery component prices and soaring inflation have led to the first ever increase in lithium-ion battery pack prices since BloombergNEF (BNEF) began tracking the market in 2010. BloombergNEF’s annual battery price survey finds prices increased by 7% from 2021 to 2022
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