According to Taipei-based intelligence provider TrendForce, the prolonged decline in the prices of Chinese electric vehicle (EV) and energy storage system (ESS) batteries already showed signs of easing in the fourth quarter of 2024.
Overall, the price drop for lithium-ion battery cells in 2024 was greater compared with that seen in battery metal prices, indicating that margins for battery manufacturers were being squeezed. Therefore, suppliers are expected to push for price increases to mitigate losses with global demand for EVs and energy storage expected to grow in 2025.