After thirty years of technical development in Lithium-ion batteries, it is now possible to propel Tesla’s electric vehicles. BloombergNEF estimates a decrease in the demand for rechargeable batteries, which is an indirect result of the drop in Evs’ sale. This drop is attributable to the impacts of the coronavirus pandemic on the automobile industry.
Analysts expect major EV manufacturers like South Korea’s LG Chem Ltd and General Motors Co’s sales to plummet and thereby to affect the growth of their manufacturing capacity. Silicon Valley laboratories and China’s Contemporary Amperex Technology Co Ltd express their confidence for Lithium-ion batteries to expand from their use in vehicles to electronics and ample energy storage for industrial applications.
The chairman of CATL Zeng Yuqun says that the revival of the automobile industry from the coronavirus pandemic is one of the additional measures that can propel his firm to dominate the industry.
Lithium-ion battery usage is escalating since its full-time inception in the vehicle industry in 2015. The battery manufacturers are estimating to lower the cost of making the batteries further so that there is a smooth transition to plug-in electric vehicles.
Automobile companies in various countries are hoping to transition the industry towards renewable energy using coronavirus recovery funds. Good examples of such countries are France and Germany, which intend to pour funds into the auto sector to install charging units.
Additionally, Volkswagen AG reported $200 million in the QuantumScape Corp, a battery technology started by Stanford University researchers.
The CEO of Volta Energy Technologies Jeff Chamberlain states that they are gearing towards both renewable energy production and electric vehicle manufacturing. Chamberlain is known for championing the inception of battery technology from the theoretical to the auto industry.
Battery manufacturers are also keen on battery parameters like battery power, its life, and the cost. CATL revealed that they would initiate the production of batteries that can run for two million kilometers. Zeng said that this keeps the firm atop in the market since other cells cannot exceed 150000 miles.
The executive vice president of GM Doug Parks says that they are developing batteries to cover a mileage of two million. Tesla is also heading towards the same path so that they produce cars that suit this technology. Tesla will be providing additional details concerning the innovation of the battery in its Battery Day Investors Seminar. A critical aspect that investors want to understand is the cost of batteries that Tesla models use.
Finally, the chief executive of Sila Gene Berdichevsky says that there is a potential of this technology filling in the development of luxurious cars. He says that they can try out great things with the advancement of this battery before they finally attain the two million miles capability.