FYI, the cost of individual cells has long, long gone below $100 per kWh in wholesale volumes.

And believe the cost of a pack itself is very quickly approaching $100/kWh as well if not crossed it already.

Making batteries is still a rather profitable business with double digit margins, it's just latest equipment, and cathode materials became way more expensive, and hard to get than what small battery makers can afford.

Despite China dominating the metallic cobalt supply chain, the cathode materials market are dominated by Japanese chemical companies, and I suspect some form of collusion is there.

With cathode being the most expensive part of the lithium battery cell, it's hard to fathom how a free market price for it can be many times the cost of input materials for years on end.