2 days Ago By Yujie Xue
So what does the future hold for EV batteries in 2025? On pricing, the global average EV battery price could reach US$90 per kilowatt-hour (kWh) in 2025, down from US$111 per kWh at the end of 2024, according to Nikhil Bhandari, co-head of Asia-Pacific natural resources and clean energy research at Goldman Sachs. By 2026, it could fall to US$82 per kWh, nearly 50 per cent lower than US$149 per kWh in 2023, which would bring the cost of owning a battery-powered car on par with petrol-powered cars in the US on an unsubsidised basis, according to the investment bank’s estimates. Technological innovation and falling prices of key battery metals are two main drivers of the trend, Bhandari said.
Many new battery products launched recently have about 30 per cent higher energy density and cost less, he said. More than 40 per cent of the decline in global average battery prices from 2023 to 2030 will come from lower commodity costs, Goldman said. Battery metals account for nearly 60 per cent of the cost of a battery.
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