There is a rising trend of EV production overtaking that of ICE (Internal Combustion Engine) cars. This trend implies that more batteries and battery technology will fall into place once all the continents transition to EV usage. The challenge now is the charging stations since the grid crowds at the evening hours due to many EV owners returning from work. The solution to overcrowding problems lies in the power grids EV customers providing information through their grid-interactive smart home feedback.
There is an anticipated high uptake of EVs once the batteries drop to a price of $100 per kWh. But the population contradicts this trend with the hope that things can return to normal where they can acquire ICE cars at a Dr low price. We are forgetting that conventional vehicles costly in terms of fluctuating fuel prices, overheating engines, high maintenance costs, and carbon emissions. Although it is seemingly hard to adapt to the pandemic, EVs will prove their efficiency once they go into the system.
Various countries are witnessing a drop in lithium batteries’ price, a move intended to encourage the uptake of electric vehicles. CATL is one of the firms that has lowered its EV battery prices immediately on learning of the possibility of creating cobalt-free batteries. Currently, the firm is working on technology to ensure these batteries can cover a range of 1.2 million miles though at a high price.
Automakers manufacturing electric vehicles in large quantities have been venturing the technicalities of raising the batteries’ performance to reduce manufacturing costs. This move aims to motivate customers to buy EVs without fear of replacing batteries at a high price. For instance, Tesla stated that it would be unveiling a battery that can run for one million miles before the next charge cycle. Such trends in the EV industry will soon phase out the ICE cars.
EV faces the challenge of energy storage. This challenge is because the batteries in the cars require recharging. Therefore, a charging system is under development, whereby there is no overcrowding of the power grids at any given time. This idea will help power grid utilities meet the needs of EV owners reliably and efficiently. Various storage technologies have graced the industry, including the green hydrogen system, where energy was stored chemically. The challenge with this technology is that its efficiency was way below using dischargeable batteries.
Researchers are currently diving into the commercial-scale storage of energy to develop a cheap storage mechanism for the grid system. Nonetheless, lithium batteries will continue to serve the industry for the time being.
In conclusion, the upcoming advanced lithium batteries will temporarily support the EV industry, while engineers and researchers work on a long-term solution. Lithium battery manufacturers will enjoy the proceeds from the sale of the batteries before the interactive grid home takes charge.