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Battery pack and cell benchmarks in 2025–2026 are diverging by chemistry, region, and contract timing, turning $/kWh from a trend into a risk variable.
Even as headline pack $/kWh benchmarks fall, LFP versus NMC mix, lithium volatility, and region-specific manufacturing premia can make OEM contract prices move differently.
A rebound in LFP-first benchmarks can ripple through global EV battery $/kWh expectations via tenders, CIF conversions, and policy pass-through.