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We estimate that Battery costs for Tesla vehicles have declined from around $230 per kWh in 2016 to $127 in 2019 According to Bloomberg New Energy Finance (BNEF), the industry average battery costs (cell + packaging) have declined from $288 to $176 between 2016 and 2018. We estimate that Tesla's battery costs are about 20% below the industry average, driven by the company's higher volumes and battery chemistry. Tesla Battery Costs ($ per kWh)

Industry Average Battery Cost ($ per kWh)



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Assuming that the average Tesla vehicle has a 70 kWh battery, this could imply that Tesla's battery cost per vehicle has declined from $16k in 2016 to about $9k in 2019 Model S and X reportedly come with 100 kWh batteries, while the Model 3's batteries vary from 54 kWh to 75 kWh. Battery Cost Per Vehicle

Tesla Battery Costs

Average Battery Pack Size



Tesla's Battery Costs As % Vehicle Price have dropped from 19.4% in 2016 to 15% in 2019E. The average selling price for Tesla vehicles has declined from 83k in 2016 to an estimated $59k in 2019E, due to a higher mix of lower-cost Model 3 vehicles Battery costs per vehicle have fallen from $16k to $9k in the same period. Battery Cost as % Vehicle ASP

Battery Cost Per Vehicle

Tesla Vehicle Average Selling Price



Tesla's Battery Costs As % of Cost of Goods Sold have dropped from 26% in 2016 to 15% in 2019E. The average COGS for Tesla vehicles has declined from 62k in 2016 to an estimated $47k in 2019E, due to a higher mix of lower-cost Model 3 vehicles. Battery costs per vehicle have declined from $16k to $9k in the same period. Battery Cost as % Vehicle COGS

Battery Cost Per Vehicle

COGS Per Vehicle



How sensitive are Tesla's Gross Margins to its Battery Costs Tesla's Automotive Gross margins have declined from 24.5% in 2016 to 23.4% in 2018 and we expect them to decline to 20.5% in 2019, although they could improve to 23% in 2020. Tesla Battery Costs

Tesla Gross Margins

