This 2018 report covers fuel cell cost analysis of a light-duty vehicle (automotive) for the current year (2018) and for two projected years (2020 and 2025). This report is the second annual report of a comprehensive automotive fuel cell cost analysis to be conducted by Strategic Analysis (SA), under a 2016 award granted by the U.S. Department of Energy (DOE). SA previously conducted a similar analysis under a contract to DOE between 2008 and 2016 where annual update reports were written for each year. This current report is a continuation of the previous efforts and thus shares a high degree of commonality with the previous approach and reporting formatting. In this multi-year project, SA estimates the material and manufacturing costs of complete 80 kWe_net direct-hydrogen proton exchange membrane (PEM) fuel cell systems suitable for powering light-duty automobiles, 160 kWe_net systems of the same type suitable for powering 40-foot transit buses, and 160kWe_net medium-duty trucks.