Yes, assuming the cells are using the same chemistry, and there aren't significant differences in construction. For an 18650 type cell, there's the possibility of a built-in protection circuit, which takes up some volume.
Hang on, those numbers are huge. An 18650 weighs about 40-50g. You must be talking about the battery pack. 4 cells in series gives you your 14.8V. That could be 4 3Ah cells, or it could be 8 1.5Ah cells. Plus whatever the balancing circuitry and sturdy plastic case weighs.
My guess is that the original packs contained 2P4S configuration of 1.5Ah cells, and the new one has 4S of slightly heavier 3Ah cells (and correspondingly different internal construction). That would account for the weight difference.
(My experience with non-OEM 18V Makita batteries was that they performed well enough at first, but the complete lack of cell balancing circuitry made for a limited lifespan.)