New batteries are 30% cheaper than lithium-ion, electric car prices will drop

Sodium-ion batteries or sodium-ion batteries (SIBs) do not contain lithium and cobalt, and are about 30% cheaper than the lithium-ion version.

SIBs are expected to change the electric vehicle market in the future. Although experts previously predicted that this type of battery would take time to enter the mass market, it now seems that manufacturers are embracing SIBs.

Batteries account for about 40% of the cost of an electric vehicle, and cheaper SIB batteries, if adopted, could significantly lower the price of electric vehicles.

Chinese automaker JAC announced it is shipping a small electric vehicle under the Yiwei brand equipped with SIB batteries from Hina Battery.

JMEV, another Chinese company, has also announced the rollout of a new electric vehicle powered by Farasis Energy's SIB.

Manufacturers are working hard to increase the energy density of SIBs, from 140 to 160Wh/kg to 160 to 180Wh/kg.

In addition to price, SIBs have other advantages such as working well in cold weather and being highly rated for safety.

Battery manufacturing giants such as China's CATL, Sweden's Northvolt and Sheffield (UK)-based Faradion are all said to be developing versions of SIB batteries.

Meanwhile, the CEO of French carmaker Renault, Luca De Meo, recently called on European manufacturers to consider hydrogen as an alternative to electric vehicles.

Luca De Meo supports hydrogen as a way for carmakers to meet emissions reduction targets. He argues that the electric vehicle market is currently dominated by China and that European carmakers should look to other “green” transport fuels, including hydrogen.