Electric vehicles (EVs) have become a popular mode of transportation, with their performance depending on the ageing of the Li-ion batteries used to power them. However, it can be challenging and time-consuming to determine the capacity retention of a battery in service. A rapid and reliable testing method for state of health (SoH) determination is desired. Ultrasonic testing techniques are promising due to their efficient, portable, and non-destructive features. In this study, we demonstrate that ultrasonic speed decreases with the degradation of the capacity of an LFP prismatic cell. We explain this correlation through numerical simulation, which describes wave propagation in porous media. We propose that the reduction of binder stiffness can be a primary cause of the change in ultrasonic speed during battery ageing. This work brings new insights into ultrasonic SoH estimation techniques.