The world's largest battery manufacturer, the Chinese giant CATLplans to halve the price of traction batteries used in electric cars, bringing the price to 50%. cost per kWh of its cells at lithium iron phosphate (LFP) by mid-2024. This decision, if confirmed, paves the way for electric cars at more accessible prices.
The new cells, with dimensions of 148 mm x 26.5 mm x 91 mm, with a capacity of 173 Ah and comply with VDA specifications, they can be completely charged in less than 30 minutes. They are expected to be sold to various electric vehicle manufacturers at an average price of €51/kWh.
Cost of electric car batteries
According to the CnEVPost report, in mid-2023 the average price of square LFP battery cells was between between 130 and 110 $/kWh per kWhpractically double compared to the future announced price “cut”.
This means that the cost of a 60 kWh battery pack will come down from 6,776 to 3,388 dollars in just 12 months, a cost almost halved with a savings of over $3,000 for electric vehicle manufacturers. As a result, end consumers could purchase the compact electric cars at a significantly cheaper price.
LFP lithium iron phosphate battery price per kWh
According to CnEVPost, the CEO of LeapmotorCao Li, said his company currently buys cells from CATL at $123/kWh, but expects the price to drop to as low as 60 $/kWh.
Who is CATL?
CATL, acronym for Contemporary Amperex Technology Co. Limited, is the largest battery manufacturer in the world. Founded in 2011, it is aChinese company specializing in the development and production of lithium batteries for a variety of applications, mainly in the automotive sector.
CATL provides electric vehicle batteries, energy storage systems and other power solutions for the automotive industry as well as commercial and industrial applications. The company is known for its advanced research and development in the field of technologies lithium batteries and has played a significant role in promoting the adoption of electric vehicles globally.
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