On almost 300 pages, the Volta Foundation has published its 2023 Battery Report. The document reveals significant developments in the areas of industry, investment, manufacturing, supply chain, innovation, research, policy, and talents in the battery world.
Electric vehicles soon to reach ‘normal’ price level
In the wake of an intense competition in the electric car market, the average price of electric vehicles has fallen by 25% or $15,000 since September 2022. As a result, the price difference between electric cars and conventional combustion vehicles is now less than $3,000.
Oversupply of raw materials causes prices to fall
The report points out another positive development in the field of raw materials, as prices fell in 2023 due to an oversupply compared to demand. This has led to a 16% reduction in the price at cell level, bringing the price down to $107 per kilowatt-hour. Given China’s dominant position in the graphite area and due to the new restrictions on graphite exports, there is an increased focus on developing graphite plants in locations outside China. This move is driven by the need to reduce dependence on a single market.
Trend towards large prismatic LFP cells
Another trend is emerging in the battery form factor area, where there is an increased inclination towards large-format prismatic lithium iron phosphate (LFP) cells for electric vehicles as well as stationary energy storage systems. According to the report, this development signals a shift in consumer and industry preferences for battery technology.
Free download of the Battery Report
The report, which is available online free of charge, is a joint project of more than 120 battery experts from more than 100 institutions.