Dampening demand for electric vehicles has led to a 10 per cent drop in prices of batteries used for EVs and energy storage in August, with a further fall expected through the year, market research firm TrendForce said on Thursday.
Prices for battery materials hit record highs during the pandemic as lower borrowing costs buoyed EV demand, but they have been falling since. The average price drop for cells used in EV batteries reached 10 per cent,"highlighting an uninspiring growth pattern in the EV battery market", the research firm said.
Prices for batteries used in energy storage have also slid due to weak demand outside of China, forcing battery makers to pare back production to buoy prices.
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