Wood Mackenzie analysis: sodium-ion batteries approach LFP cost parity, with 70 GWh under supply agreements

A Wood Mackenzie analysis finds that more than 70 GWh of sodium-ion battery supply agreements are in place across China, the United States and Europe, and that leading manufacturers are expected to reach cell-level cost parity with lithium iron phosphate (LFP) batteries by late 2026, with module- and system-level parity not expected until after 2030. Sodium-ion cells currently average $229/kWh globally against about $200/kWh for LFP, but the study estimates a 21% lower total cost of ownership over a 20-year project lifetime.