Lithium-ion battery prices have experienced a significant downward trajectory, witnessing an impressive 82% decline over the past decade. This notable trend can be primarily attributed to increased investments in refining and mining processes with advanced technology, resulting in a substantial reduction in the costs associated with raw materials and components. Furthermore, the expanding sales and production volume of electric vehicles have also played a pivotal role in driving down lithium-ion battery prices. However, a more recent temporary development indicates that the decrease in battery prices is not solely a consequence of increased electric vehicle sales. Rather, an oversupply of batteries stemming from underperforming EV sales leads to lower lithium-ion battery prices.