BNEF predicts that the cost of battery packs will drop to $100/kWh by 2023.

BloombergNEF’s Annual Battery Price Survey

According to BloombergNEF’s annual battery price survey, the cost of a battery pack was around $137/kWh in 2020, down 13% from 2019. The cost of battery cells was $102/kWh.

BNEF predicts that by around 2023, the cost of battery packs will fall to around $100/kWh.

Image Source: BNEF

James Frith, the head of energy storage research at BNEF and the lead author of this report, said,”The point at which battery packs fall below $100/kWh is a historic moment. It is the point at which electric vehicles become cost competitive with internal combustion engine vehicles.”

Moreover, our research shows that even if the prices of raw materials return to their peak levels in 2018, it will only delay the time at which the cost of battery packs falls to $100/kWh by two years and will not have a significant impact on the industry.

Now, more and more battery factories are beginning to invest in positive and negative electrode materials, or even directly acquire related mines, making them increasingly adaptable to fluctuations in raw material prices.

🔗 Source: BloombergNEF

This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email