Automakers and battery suppliers are in search of a vehicular holy grail — a battery chemistry for electric vehicles that sharply reduces charging times and greatly increases range while remaining cheap and easy to mass produce.
Batteries can account for as much as 30 per cent of an EV's cost, while EVs overall remain significantly more expensive than gas-powered vehicles. The average transaction price for EVs in the U.S. stood at $65,291 in September, compared with $48,094 for gas-powered vehicles, according to Cox Automotive data.
That's exactly what companies including BMW, Ford, Daimler, Toyota, Honda and Nissan are doing as they invest heavily into solid-state batteries, which use solid electrolytes and are more energy-dense than today's lithium ion battery. Other companies are testing the viability of different battery chemistries. Our Next Energy Inc. said in October that it would open a $1.6 billion EV battery cell plant in Michigan by 2024. ONE makes lithium iron phosphate cells and battery packs, which do not contain cobalt or nickel.