Electric car battery costs

The cost of electric vehicle batteries plays a decisive role in the overall price and acceptance of electric vehicles (EVs). In this article, we will look at how battery prices have developed, what factors have affected costs and what impact on the affordability of electric vehicles for consumers.

The price of electric vehicles is still one of the main obstacles to the introduction of electric vehicles.1 The main component of this price is the battery of electric vehicles. Despite the recent increase in the cost of batteries, the general trend over the past 10 years assumes significant price cuts, and this trend is expected to continue in the future.

Why are electric car batteries so expensive ?

It is not a big surprise that the batteries are expensive. But why do they cost so much? Obviously, the materials used contribute to the price. Let's break down the factors that make up the cost of an electric car battery.

What is an EV battery made of ?

Electric vehicle battery packs are mainly made up of lithium only, and are much larger, with thousands of rechargeable, interconnected lithium-ion cells, Batteries for electric vehicles are more resistant and durable than most home appliances.

The production of batteries for electric vehicles requires many materials and elements, many of which are rare or difficult to obtain. In addition to lithium, metals such as nickel, cobalt, manganese, graphite, and steel or aluminum are usually used in electric vehicle batteries to enclose battery packs.

The number of materials used and the difficulty of obtaining them can often significantly increase the cost of electric vehicle batteries.

The challenge of finding materials for electric vehicle batteries is exacerbated by the explosive increase in demand for electric vehicles, putting pressure on the supply chain to provide more and more resources.

Since the beginning of 2020, the automotive industry has suffered from a persistent shortage of computer chips, which continues to affect the cost of manufacturing electric vehicles. In addition, the challenge of getting enough lithium has forced many electric car companies to curb and even raise prices.

For all these reasons, the price of lithium has risen to an all-time high in 12 years, and the cost of batteries for electric vehicles is rising. And as global manufacturers have invested more thanー5,000 billion in electrifying their fleets, we can see even more price increases as automakers compete for available supplies.

Production of batteries for electric vehicles: Production also contributes to the cost of batteries for electric vehicles. Compared to other types of batteries, EV batteries have a particularly high energy density - a measure of how much energy can be stored at a certain weight. This is important to limit the weight of the vehicle and maximize the power that can be stored while ensuring optimal range.

Achieving high energy density requires expertise that only a few countries and companies have. China currently produces about 70% of electric vehicle batteries, and the United States, Japan and South Korea also have significant market share.

Of course, this bundled know-how is driving up battery prices, and countries such as the US and the EU are looking to expand domestic production, but China may continue to lead electric vehicle battery suppliers at least until 2030.

Electric Vehicle battery Replacement

This is not surprising, given how much the battery of an electric car will cost. However, it is very rare that the battery of an electric car needs to be replaced.

How often do electric car batteries need to be replaced? Currently, electric vehicle batteries are expected to last between 12-15 years, or 100,000-200,000 miles, depending on driving behavior that is much longer than the average car's life expectancy.

Electric car battery replacement cost: In the unlikely event that you need to replace the car battery, it will cost from free to more than $ 20,000, depending on whether you have a warranty or not.

How much it will cost to replace the battery also depends on the vehicle. Some models are easily accessible and have standardized batteries, while others can be difficult to remove or use custom-made batteries, making them difficult to obtain.

Even if your battery fails, most electric car manufacturers offer a warranty of at least 8-10 years on the battery pack, which means your car will most likely be covered for most of its life and will not cost you to repair it.

Extend the battery life of electric vehicles

Electric car batteries last longer and benefit from an extended warranty, but instead of waiting for the battery to run out, simple steps can be taken to extend life and minimize aging.

For example, the battery receives a load when it is fully charged or fully discharged. Therefore, it is recommended to keep your electric car battery charge between 20 and 80 percent for daily use. Similarly, charging an electric car frequently can put a strain on the battery. Therefore, it is better to charge as much as you need for their use.

conclusion

Batteries for electric vehicles are expensive due to the high cost of raw materials such as lithium, cobalt and nickel, as well as complex manufacturing processes in the manufacture of energy-dense and durable batteries. In addition, research and development investment and advanced technology to improve battery efficiency, with the further development of electric vehicle production, the price is gradually falling, but due to the high cost.