The costs of Electric Vehicles are directly proportional to the Batteries. Until 2017, the costs of electric vehicles were going down considerably that made the idea of EV’s reaching parity with the gasoline cars at the time of purchase. According to the report by Bloomberg,
Electric cars may be cheaper than their petroleum counterparts by 2025 if the cost of lithium-ion batteries continues to fall. Some models will cost the same as combustion engines as soon as 2024 and become cheaper the following year, according to a report by Bloomberg New Energy Finance. For that to happen, battery pack prices need to fall even as demand for the metals that go into the units continues to rise
On comparison the fuel and maintenance cost for the Electric Vehicles are significantly low. A five year cost-of-ownership calculation for GM’s Volt which is a hybrid showed the favorable results for Electric Vehicle owners.
The alternative that the industry is eyeing right now is Magnesium batteries. They have twice the energy density than the Lithium-ion Batteries. It helps to increase the range of the Vehicle. The problem however is in the recharging process as a highly corrosive liquid electrolyte is required. If we use a less corrosive electrolyte it messes with the surface of magnesium and the battery can’t recharge. The researchers are working to fight this bottleneck, researchers are developing an artificial solid electrolyte inter-phase from polyacrylonitrile and magnesium ion salt to protect the surface of magnesium anode.
The chemistry of magnesium helps the battery to recharge efficiently due to the reversible chemistry. The project is currently in prototype stage. Pellion Technology is currently working on magnesium energy storage system and has been funded $3 million from APRA-E.
Source: Clean Technica