Several automakers will switch to the CATL cell in mid-2024 at a price not exceeding RMB 0.4/Wh ($56/kWh), according to the report.

The average price of square LFP cells at the same time last year (late June/July) was around RMB 0.8 to RMB 0.9 per Wh. By August 2023, that price was reduced to around RMB 0.6 per Wh.

Each RMB 0.1/Wh ($14/kWh) drop in the price of the battery cells means that a model equipped with a 60-kWh battery pack can save about RMB 6,000 ($840) in costs, the 36kr report noted.

Power batteries have gone from being in tight supply to being in oversupply in a year’s time, and prices are now gradually dropping towards RMB 0.3/Wh, the report said.

Leapmotor’s Cao even believes that the price of battery cells could drop to RMB 0.32/Wh.


Prices were at “RMB 0.9 to 0.8” last June-July, they’re now at “below RMB 0.5”. That’s an 8 month 40-46% price drop.

Buyer suggests prices could hit RMB 0.32 by same June/July – which would be a 60-64% price drop in twelve months.

With increasing technology embedded.

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