Largely because of what goes in them. An EV uses the same rechargeable lithium-ion batteries that are in your laptop or mobile phone, they're just much bigger. The cells are grouped in packs resembling big suitcases. The priciest component in each battery cell is the cathode, one of the two electrodes that store and release electricity. The materials needed in cathodes to pack in more energy are often expensive: metals including cobalt, nickel, lithium and manganese. They need to be mined and processed into high-purity chemical compounds.
At current rates and pack sizes, the average battery cost for a typical EV works out to about $6,300, though the ones that go into premium models are more. Battery pack prices have come down a lot -- 89% over the past decade, according to BloombergNEF. But the industry average price of $137 for a kilowatt of power for an hour (from about $1,191 in 2010) is still above the $100 threshold at an EV's cost should match a car with an internal-combustion engine. Costs aren't expected to keep falling as quickly, and rising raw materials prices haven't helped. Still, lithium-ion packs are on track to drop to $92 per kWh by 2024, according to BNEF forecasts, and $58 per kwh by 2030.
Read Full Story: https://www.theday.com/business/20211107/why-are-ev-batteries-so-expensive
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