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Entities Project a 40% Increase in Electric Car Batteries Between 2024 and 2025 and a 100% Production Cost Increase for Solid-State Batteries, Which Are Already More Expensive
The rise in commodity prices is a reality in the country, seen every day. The effects are already impacting wallets due to various essential items, even affecting the electric car battery. Now, alongside the warnings issued in recent months, the Korean research institute SNE Research has joined in. The numbers reported last Friday (16) are not pleasant, as they highlight significant price increases, according to the Korean industry, varying from 30% to 40% higher than the $150 per kWh from last year. The pressing question is: when will we observe the impact of this increase on batteries? And the answer is simple: between 2024 or 2025, according to SNE data.
Solid-State Batteries for Electric Cars Will Also See Increases
According to SNE’s executive vice president, James Oh, during a recent seminar in Seoul, the company met with cell manufacturers in Korea, leading them to change their outlook for the prices of used electric car batteries.
The expectation, according to the Koreans, is that this component will increase in 2024 or 2025. The companies did not go into detail regarding the numbers, but it is worth mentioning that, according to the forecasts, the increase will reach 40%.
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From lithium to nickel, moving to cobalt and manganese, almost all minerals are expected to play a significant role in this difficult phase for electric car batteries, which will have a cascading effect on the cells. However, things could worsen even further for solid-state batteries. At the same event, Jay Kim, vice president of LG Energy Solution, stated that production costs for the components could increase by up to 100%.
Possible Solutions for the Increase in Electric Car Batteries
Solid-state batteries are based on sulfide electrolytes and are extremely expensive compared to other types, as they require a lot of lithium. The prices of sulfide electrolytes could double compared to last year.
Once the problems are understood, it is necessary to analyze them to find possible solutions. James revealed that electric car manufacturers are pressuring their partners in Korea to produce more prismatic cells instead of pouch cells and to establish new long-term contracts.
Elon Musk Comments on the Increase in Lithium
Billionaire Elon Musk recently posted on one of his social media accounts about his interest in entering the mining sector, mainly lithium extraction, to maintain the metal supply needed for electric car battery production.
Musk states that the price of the raw material is out of control, to the point that the company may have to enter the mining and refining segment. There is no shortage of lithium, as it is found almost everywhere on the planet, but the pace of extraction and refining is slow.
The billionaire’s concern involves one of the essential commodities for the operation of electric cars. The same applies to other materials like copper, cobalt, and nickel, all essential, especially in a scenario where electricity is proposed as the sole alternative to oil.
The entrepreneur is betting that the purchase of battery-powered vehicles will expand greatly in the near future, and the proof of this lies in the official openings of two new factories for his automaker, one in Berlin to supply the European market, and another in Austin, Texas.
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