From Simon Moores at Benchmark Mineral Intelligence published on x / twitter today:
In a lithium ion battery industry that has grown an order of magnitude in 7 years, what has become clear is the basic tailwinds for this technology.
✅ Lithium ion batteries are getting better
Cell chemistries, pack technology, vehicle engineering are all significantly improving to push an EV further than ever before.
✅ Lithium ion batteries are getting lower cost
Now at $85.9/kWh at a cell level - @benchmarkmin weighted average across all lithium ion battery cell chemistries
LFP = $77.9/kwh
NCM = $80.6/kWh
NCA = $89.1/kWh
✅ Lithium ion batteries are abundant
409 gigafactories in the Benchmark pipeline to 2023 = 9, 218GWh
It doesn’t tell the whole supply chain stories - especially the upstream challenges of feeding this megatrend with critical minerals.
But it does explain why the lithium ion battery is here to stay.
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