It's been a big year for electric vehicles, and while it's impossible to cover all the major stories in a single go, I did put pen to paper to reflect on and showcase some of the bigger storylines from 2024.

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What's next? Metal prices may rise as geopolitical tensions, tariffs, and stalled mining projects impact supply. However, higher LFP adoption, technology advances and competition will push battery prices down. For more see our public press release here: shorturl.at/TcVUc

EVs are still more expensive than comparable combustion cars in many markets, but broader access to cheaper batteries will close the gap.

More on @colinmckerracher.bsky.social's piece on Bloomberg's Hyperdrive: shorturl.at/9AEFi

Average battery prices for passenger EVs are now below $100/kWh, often seen as the threshold for price parity with ICEs. Some EVs have achieved it, but this varies by region, segment and automaker.

Battery pack prices were lowest in China at $94/kWh, while US and Europe prices were 31% and 48% higher due to market immaturity, higher costs and lower volumes. The gap was wider than in previous years, implying that the price drop was more accentuated in China.

Lower metal prices played a role, but a major driver in the drop in battery prices is overcapacity. Manufacturers ramped up production expecting surging demand, but EV sales have grown slower than anticipated. This forced producers to slash prices to outcompete rivals.

The results from BloombergNEF's 2024 lithium-ion battery price survey are out. Lithium-ion battery pack prices dropped 20% from 2023 to a record low of $115 per kilowatt-hour. This is the largest decline observed in our survey since 2017. 🧵⬇️

Stay tuned!