• Price of EV Battery Packs Falls Most Since 2017

  The Development Is Likely to Accelerate Price Parity Between Electric Vehicles and Gasoline-Powered Cars

  The cost of battery packs has dropped 20% to $115 per kilowatt-hour in 2024, according to BNEF’s annual battery price survey. An overcapacity in cell production, lower metal and component prices and the continued shift to using cheaper lithium iron phosphate batteries drove the decline, the survey said. The study analyzed 343 data points from a range of applications including electric cars, buses and commercial vehicles.

• The global market for lithium iron phosphate batteries has exploded

According to statistical data, from January to August 2024, the export volume of domestic lithium iron phosphate power batteries reached 30.7GWh, accounting for 38% of the total export volume of domestic power batteries, and the export ratio of ternary batteries basically showed a "four six opening" situation.

 Currently, overseas enterprises are in the verification and testing stage of lithium iron phosphate batteries, and it is expected that demand will further increase after completing multi-dimensional market and technical verification.

• Brazil: Energy storage demand surges

According to foreign media reports, the Brazilian Ministry of Mines and Energy recently announced plans to purchase battery energy storage systems on a large scale by 2025 and publicly solicit opinions for the capacity reserve auction event.

 As the largest economy in South America, Brazil has a large economic aggregate and population base, a high proportion of electricity bills to national income, high per capita electricity consumption, low power grid coverage, and frequent power outages.

 With the continuous release of demand in the new energy industry, Brazil is considered to be the fifth largest solar energy storage market in the world and the largest in South America.