Battery prices and lithium prices are linked but not the same thing. This page tracks lithium-ion battery pack prices from BloombergNEF’s annual survey and explains how much lithium contributes.
Lithium-ion battery pack prices
| Survey year | Average pack price (US$/kWh, nominal) | Change |
|---|---|---|
| 2023 | 139 | −14% vs 2022 |
| 2024 | 115 | −20% |
| 2025 | 108 | −8%; BEV packs $99, stationary storage $70 |
BNEF publishes its survey each December and restates the history in real terms each year, so older numbers in the latest report can differ slightly from the figures announced at the time (shown here).
How lithium feeds into battery cost
Lithium is in the cathode (as lithium iron phosphate or lithium nickel manganese cobalt oxide) and in the electrolyte. LFP cathodes are made from lithium carbonate; high-nickel cathodes mostly from lithium hydroxide. When lithium spiked in 2022, pack prices rose for the first time in over a decade; the 2023–2025 lithium slump helped push prices to record lows.
Battery demand and lithium
The USGS estimates batteries accounted for 88% of global lithium end use in 2025. The IEA reports more than 20 million electric cars sold in 2025, with about 23 million expected in 2026, while grid storage is growing even faster from a smaller base. See EV and storage demand for lithium.
Frequently asked questions
What is the price of a lithium-ion battery per kWh?
BloombergNEF's 2025 survey put the global average lithium-ion battery pack price at US$108 per kWh, down 8% from 2024. Battery-electric vehicle packs averaged US$99 per kWh and stationary storage packs US$70 per kWh.
How much of a battery's cost is lithium?
It depends on chemistry and the lithium price. As a rough illustration, if a battery uses around 0.6 kg of lithium carbonate equivalent per kWh, lithium at about US$19,750 per tonne adds roughly US$12 per kWh, a little over 10% of the 2025 average pack price. At 2022's peak prices the share was several times higher.
Why did battery prices fall while lithium prices rose?
BNEF attributes the 2025 decline to cell manufacturing overcapacity, intense competition and the shift to cheaper LFP chemistry, which together outweighed higher metal prices.
Sources
- BloombergNEF, 2025 Lithium-Ion Battery Price Survey (9 December 2025)
- Energy-Storage.News, BNEF 2025 pack price coverage
- USGS, Mineral Commodity Summaries 2026: Lithium (February 2026)
- IEA, Global EV Outlook 2026
- Benchmark Mineral Intelligence, lithium prices page (assessment of 2 September 2026)