Over the past 10 years, the energy density of EV batteries appears to have gone up by three-fold to around 300Wh/Kg, according to Bloomberg NEF (BNEF) on Feb. 21. Battery pack prices, at the same time, fell an esimated 87% over the same period to reach USD 135 per KWh.
This means that EVs can now drive longer distances per charge, on lower prices. Back in 2010, battery packs had an energy density of around 100Wh/Kg, while prices were around USD 1183 per pack. Cathode material has also evolved from LMO to NCM622 or NCM811.
However, due to reduced government subsidies, it remains to be seen how the markets will take to the latest developments in EV batteries. Experts say that prices must go down further to below USD 100 per KWh.
As a part of movements to cut prices, US-based Tesla has recently been working with China’s CATL to adopt LFP batteries. CATL has also developed a Cell To Pack (CTP) technology for further enhancing energy density by eliminating modules in the pack.
BENF said due to changing EV and environmental policies, more carmakers are being forced to adopt electric cars, and so are consumers.
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