Lithium iron phosphate (LFP) batteries in China have seen a 51% drop in prices over the year and currently cost just $53/kWh. This drop is due to lower raw material costs, overcapacity in production and technological advances by companies such as CATL and BYD. This has brought electric vehicle prices closer to those of internal combustion engine vehicles and price parity should be reached sooner. bloomberg.com 🇬🇧