Price of lithium-ion batteries has dropped 88% in last decade

A new Bloomberg survey reports that lithium-ion batteries are much cheaper than they were ten years ago. It says "increasing order sizes, growth in BEV [battery electric vehicle] sales and the introduction of new pack designs" are responsible for the lower prices. Batteries could become even cheaper, says Bloomberg, if manufacturers switch to solid-state batteries:

BloombergNEF expects that these cells could be manufactured at 40% of the cost of current lithium-ion batteries, when produced at scale. These reductions would come from savings in the bill of materials and in the cost of production, equipment, and the adoption of new high-energy density cathodes. In order to realize these reduced prices, the supply chain for key materials, such as solid electrolytes, not used in lithium-ion batteries today, needs to be established.

[Image: By RudolfSimon – Own work, CC BY-SA 3.0,]