In their recently released annual report, Bloomberg New Energy Finance (BNEF) suggested that lithium-ion battery pack prices have fallen from $1,100 to $156 per kwh, an 87% cut since 2010. By 2030 they predict that we will reach $61/kwh, earlier than anticipated. As the single most costly component in an EV is the battery pack, this has significant implications for the pricing and sales of electric cars. The reason offered for this drop is the larger battery orders by automakers, which further proves their confidence that the global EV market will continue to grow in the coming years. James Frith, Associate Energy Storage analyst at BNEF estimates the global battery market to be $116 billion annually by 2030. Read more
GM and LG Chem have announced their partnership in building a $2.3 billion 30 GWh EV battery factory in Ohio. The factory will employ 1,100 workers and will begin its activities in 2023. They hope to reach $100/kWh by 2023. Their batteries will be suitable for various vehicles, including their electric Cadillac Escalade SUV which has not yet hit the market. Read more
Photo credit: GM
Mclaren, the privately owned British Automotive manufacture is seeking to build a fully electric car in the near future. It is not in any rush, as they are interested in optimizing its performance with the aim of producing a hybrid and all-electric cars by 2025. According to Mclaren, though Tesla's new Roadster can reach 60 mph in less than 2 seconds (which is incredibly fast), the batteries they are deploying are heavy which negatively impacts its performance. In order to achieve optimal performance, Mclaren are investing $1.6 billion in the next six years for the development of automotive technologies, including lighter weight batteries. Read more
The new Mclaren GT. Photo credit: McLaren.
There is a lot to look forward to in the next year within the EV tech industry. CNBC reports that that according to the International Energy Agency, the number of EVs around the world will reach 125 million by 2030. A number of new EV models will be hitting the market, such as the Tesla Model Y, VW ID.3, Byton M-Byte and others. Fast-Charging technology will be improved and deployed more widely. Tesla, for example, have released their first ever portable charging station just recently and Porsche have announced last year that they developed a supercharging solution which will cut charging time to 15min. Last, major aviation providers such as EasyJet believe that electric planes will be a reality by 2030. Read more
Nasa X-57 Maxwell, an experimental electric aircraft. Source: Allard Beutel/Wikimedia Commons