Benchmark Mineral Intelligence’s (Benchmark) data shows that the average price of a lithium ion cell decreased at an annual rate of -17.8% between 2010 and 2020, from $780/kWh in 2010 to $110/kWh (large contract automotive) in 2020.
With the global expansion of battery megafactories and the subsequent scaling up of battery production capacity, cell costs have consistently fallen.
But the cost savings provided by economies of scale have been diminishing. While there are still cost benefits in scaling up production capacity, with the average plant size continuing to increase, the reduction in . . .