EV Battery Economics 2025: Cost-Parity Milestones and Chemistry Breakthroughs
Global EV battery pack prices fell about 20% in 2024, dropping from roughly $149/kWh in 2023 to the low $100s by year-end. In 2024, LFP cell prices were just under $60/kWh, and some Chinese LFP packs were produced for well under $90/kWh, enabling price parity with ICE for certain models. In 2024, a NMC811 pack cost about $103/kWh in China and above $100/kWh in other regions, showing higher costs for nickel-based chemistries. As of 2025, mass-market solid-state batteries are not yet in production, with Toyota planning limited production in 2025 for hybrids and MG launching a semi-solid-state pack delivering 1,000+