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From: Eric	7/10/2024 6:11:05 PM
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China’s Batteries Are Now Cheap Enough to Power Huge Shifts We no longer need to model for when cell prices drop far enough to decarbonize road transport. That day is here. An electric-vehicle battery pack on display in Shanghai. Photographer: Qilai Shen/Bloomberg By Colin McKerracher July 9, 2024 at 3:00 AM PDT You're reading the Hyperdrive newsletter. Get expert insight into the future of cars, delivered daily. Thanks for reading Hyperdrive, Bloomberg’s newsletter on the future of the auto world. Coming to Grips With A Crash Prices for batteries in China are plummeting, and the implications are just starting to ripple outward for the global automotive market. Over the last year, the price for lithium iron phosphate, or LFP, battery cells in China has dropped 51% to an average of $53 per kilowatt-hour. The average global price of these batteries last year was $95/kWh. There are several factors driving prices lower. The first is raw-material prices, which have fallen sharply over the last 18 months. The cathode is where most of the raw-material costs in a battery come from, and the cathode share of total cost for an LFP cell in China has fallen from 50% at the beginning of 2023 to less than 30% this year...... bloomberg.com

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