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The increase in raw material costs may lead to an increase in the price of lithium batteries.

In 2010, the average price of lithium battery packs was approximately $1200 per kilowatt hour. In 2021, according to reliable sources, the cost of lithium batteries was only $132 per kilowatt hour. The significant reduction in the cost of lithium batteries has made once expensive electric vehicles (EVs) a substitute for internal combustion engine (ICE) vehicles.

The average battery pack capacity of a modern electric vehicle ranges from 60 to 100 kilowatt hours, accounting for approximately 32% of the cost of electric vehicles (in 2016, batteries accounted for approximately 49% of the cost of electric vehicles). A battery pack can consist of hundreds or thousands of independent batteries. The materials used to manufacture these batteries account for approximately 77% of the total cost of the battery.

A lithium battery is composed of a positive electrode (cathode), a negative electrode (anode), a liquid electrolyte made of an organic solvent that allows lithium ions to transfer between the electrodes, and a separator to prevent short circuits in the battery. In addition, thin copper and aluminum foils are attached to the electrodes for current collection, as well as other materials (usually plastic) used as battery shells.

Based on data from Bloomberg NEF, Visual Capitalist has created this infographic to provide a detailed analysis of the cost of electric vehicle batteries:

The above image is provided by Visual Capitalist.

When the battery is discharged, lithium ions move from the anode to the cathode, which stores the ions until the battery is recharged, and the lithium ions return to the anode. Therefore, the cathode has the greatest impact on battery performance.

cathode

The cathode of a lithium battery is composed of various (refined) metals, usually including lithium, nickel, and cobalt. The commonly used cathode components in modern times include:

·Lithium iron phosphate (LFP)

·Nickel cobalt manganese (NMC)

·Nickel cobalt aluminum (NCA)

anode

In addition to manufacturing costs, another expensive cost of lithium batteries is the anode, which accounts for 12% of the total cost. The anode of commercial lithium batteries is made of natural graphite or synthetic graphite, and almost all graphite comes from China. The process of graphite storing lithium ions between carbon atomic layers is called intercalation. The ability to store lithium ions largely determines the overall capacity of the battery.

Recently, with the soaring prices of lithium battery raw materials, analysts predict that the cost of lithium batteries will rise for the first time since 2010 in 2022.

China Chemical and Physical Power Industry Association Yang Liu

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