It is not a secret that the electric vehicle industry is trying as hard as they can to reduce the prices of their cars. Still one of the most important reasons consumers aren’t making the full switch to electric is because of the slightly steeper price tag.
But where does the pricey price tag come from? It is estimated that around one third of the cost of each car comes from their batteries. Tesla has developed incredible efficient and powerful batteries that allow their cars to hit ranges that were unprecedented by other electric vehicle companies.
Now for the news, Tesla is now taking a significant bet that Cobalt-free batteries are the future of batteries for all electric cars. Cobalt makes Teslas lithium ion batteries quite expensive, on top of the fact that it has the additional cost of cobalt mining in conflict areas such as the congo.
Instead Tesla is placing their bets, and moving forward with the creation of Lithium Ion phosphate batteries to continue powering their cars. They believe they can easily surpass the iconic price tag of $100 per kWh. The price per kWh has dropped from over $1000 in 2010 to less than $150 this past year.
These batteries will be used in the production of Model 3’s in their Shanghai gigafactory and is expected to bring down the cost of manufacturing an additional 15%. It seems that day after day, we’re getting closer to a reality where electric vehicles will take over as not only the best vehicle option available, but the most affordable.
Here's the article detailed by forbes: https://www.forbes.com/sites/jamesmorris/2020/07/11/teslas-shift-to-cobalt-free-batteries-is-its-most-important-move-yet/#36f28eff46b4