As the global supply of electric vehicles (EVs) and demand for their batteries are increasing, the average price of a lithium-ion EV battery pack has fallen to just $132/kWh in 2021, declining by 89% since 2010.
Rechargeable Li-ion cells account for about 77% of the total cost of an average battery pack, or about $101/kWh. What drives the cost of these devices?
The cost of each cell’s cathode, which could be based on lithium iron phosphate or lithium nickel manganese cobalt, for example, adds up to more than half of the overall cell cost. The manufacturing process, which involves producing the electrodes, assembling the different components and finishing the cell, makes up 24% of the total cost.
The anode is another significant component and accounts for 12% of the total cost — around one-fourth of the cathode’s share. The anode in a Li-ion cell is typically made of natural or synthetic graphite, which tends to be less expensive than other battery commodities.
Discover more about battery pack technology and suppliers on GlobalSpec.com.
