Posted on 11 Dec 2025
Lithium-ion battery pack prices have dropped to a new record low of $108 per kilowatt-hour in 2025, despite higher metal prices, BloombergNEF said Tuesday.
According to the research company’s latest lithium-ion battery price survey, the increase in battery metals prices did not translate into increased annual prices for cells or packs. These costs were absorbed by industry through greater lithium iron phosphate (LFP) battery adoption, long-term contracts and broader hedging strategies.
At the same time, continued cell manufacturing overcapacity, intense competition and the ongoing shift towards the cheaper LFP batteries contributed to driving pack prices down.
The average pack price for LFP came in at $81/kWh, compared to $128/kWh for nickel manganese cobalt (NMC) packs, Kallanish learns. Packs for stationary storage fell to $70/kWh, which is 45% lower than in 2024. Battery electric vehicle packs were the cheapest in the transport segment at $99/kWh.
As in previous years, significant regional pricing differences remain. China continues to have the lowest battery pack price at $84/kWh, after a 13% decline in real terms from 2024. Pack prices in North America and Europe were 44% and 56% higher, with costs dropping by 4% and 8%, respectively.
“Cut-throat competition is making batteries cheaper every year,” comments Evelina Stoikou, head of BNEF’s battery technology team and lead author of the report. “This is an important moment for the industry, as record-low battery prices create an opportunity to lower EV costs and accelerate the deployment of grid-scale storage.”
Silicon and lithium metal anodes, solid-state electrolytes, new cathode materials, new cell manufacturing processes and other emerging technologies will drive the next wave of price reductions. BNEF anticipates pack prices to decline again in 2026, continuing their downward trend thanks to technology improvements and cost reductions.
In 2024, the average lithium-ion battery pack price was $118/kWh, with a cell price of $78/kWh. This year, the cell price fell to $74/kWh.
Source:Kallanish
