The average price of global Lithium Battery packs has dropped to a historic low of 115 dollars per kilowatt-hour this year, a decrease of 20% compared to 2023, marking the largest price decline since 2017. The annual Lithium Battery price survey report released on December 13 by Bloomberg New Energy Finance disclosed this data, which includes the average prices of different types of batteries such as power batteries and energy storage batteries. Factors driving the decline in Lithium Battery pack prices this year include overcapacity, economies of scale, sluggish prices of Metal and components, the adoption of lower-cost Lithium Iron Phosphate batteries, and a slowdown in electric vehicle sales growth.