Electric Car Batteries
Bringing down the cost of EVs means bringing down the price of batteries. That's happening.
By Bruce Saller
COLUMNIST
Electric car batteries continue to evolve, resulting in lower costs and higher densities. The most popular batteries remain Lithium based, meaning their cathodes (the positive electrode) use lithium along with other metals.
Most batteries made in the U.S. use nickel, manganese and cobalt (NMC) or nickel, manganese, cobalt, and aluminum (NMCA). These batteries have higher densities but are more expensive and can catch fire under extreme conditions.
The other battery type, widely used in China, uses iron and phosphate, and is called Lithium-Iron (Fe)-Phosphate (LFP). LFP batteries have lower densities but are less expensive and are not prone to catch fire. U.S. manufacturers have begun using LFP batteries in their lower-priced models.
Solid-state batteries are a promising alternative that many manufacturers are investing in. Solid-state batteries should offer greater energy density and longer range relative to a similar lithium-ion battery, but it will be several years before they are available commercially.
In addition to using less expensive materials, manufacturers are reducing costs by changing battery packaging. Battery cells were typically cylindrical (like an AA battery), which resulted in unused space between the cells. Some new battery cells are rectangular, which eliminates the wasted space and saves manufacturing costs.
The Department of Energy’s Vehicle Technologies Office estimates the cost of a battery pack declined 90% between 2008 ($1,415/Kilo-Watt Hour) and 2023 ($139/KWH). General Motors says they reduced their battery costs by $60/KWH in 2024, expect an additional reduction of $30/KWH in 2025, and expect to save another $6,000 per car when they switch to LFP batteries beginning late 2025.
Electric cars, not including the battery, are cheaper to produce than gasoline cars since they have fewer parts (no muffler, catalytic converter, starter, alternator, etc.) As batteries become less expensive, electric car prices should become comparable to gasoline cars, and possibly even cheaper in the future.
Tesla and Chevrolet have indicated they are releasing electric cars under $30K later this year, so they are getting closer in price.
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