Bloomberg's analysis reveals a dramatic 51% decrease in lithium-ion battery prices to $53 per kilowatt-hour, largely due to increased production capacity in China exceeding global demand. This price drop makes electric vehicles (EVs) cheaper to manufacture than internal combustion engine vehicles, potentially as early as 2026. The lower battery costs also significantly impact the energy storage sector, making large-scale battery installations for renewable energy sources far more economically viable. This development contradicts previous claims of battery material scarcity and signals a major shift towards widespread EV adoption globally.