Source: Intercalationstation
The divergence between plummeting raw material costs and stubbornly static battery cell prices reveals a widening margin capture by cell manufacturers—companies like CATL and BYD are pocketing the savings rather than passing them to customers or downstream EV makers. This pricing power asymmetry suggests consolidation around a handful of cell producers who can absorb commodity volatility, while smaller or vertically-integrated competitors face margin compression that may force consolidation or exit.