Electric Vehicles – Analysis – IEA

Energy density is key to ensuring that BEVs have sufficient range. The energy density of batteries for EVs has been rising over the past year, and now some of the highest performing battery cells can reach energy densities of over 300 Wh/kg, up from around 100-150 Wh/kg a decade ago – meaning that with the same mass, electric cars can now travel twice as far. This progress has been made thanks to continuous improvement in battery chemistry and cell design. Key examples of this include Tesla’s upcoming 4680 cells and LG Energy Solution’s Ultium cells. 

It is not all about energy density, though. Reducing the need for critical metals is also a priority for EV innovation. The past year has seen a doubling in the market share of lithium iron phosphate (LFP) cathodes, which require no nickel or cobalt. This was in part thanks to innovative cell-to-pack technologies that enable a higher pack density by reducing pack dead weight, but mainly due to automakers switching to LFP to reduce commodity price exposure. Another key development has been the announcement of important supply chain development for sodium-ion batteries by the world’s largest battery manufacturer, CATL. This technology has the potential to completely avoid the use of critical metals. The IEA’s assessment of sodium-ion technology has increased from TRL 3-4 to TRL 6.