Multiple innovations needed to slash EV battery costs

The long-term success of the e-mobility revolution hinges on customer acceptance, and that means vehicles that are affordable, safe and convenient to charge. The average price of a new electric vehicle (EV) has been falling, but these models still carry a price premium over their gasoline and diesel counterparts. Today, cost is heavily tied to vehicle range, which is set by the size of the battery pack. “Premium EVs with large battery packs already offer driving ranges that are acceptable for most users, but there are few, if any, truly low-cost EVs available for purchase in Europe that can currently meet consumer range needs,” observes Gareth Hartley, Business Intelligence Manager at the Faraday Institution. “The cost of batteries is undoubtedly the biggest pain point for the EV market at present.”