The EV battery market has grown from strength to strength in recent years and is expected to surpass the $44 billion mark by the end of 2024. 

This growth is expected to gain further momentum in the upcoming years due to numerous factors including innovative battery packs, evolving chemistries, and the advent of different battery types. 

For example, solid-state batteries have been getting a lot of attention recently. Companies like QuantumScape are taking significant steps to develop rechargeable lithium metal batteries, especially with their semi-solid state technology.

This article sheds light on the noteworthy innovations and recent developments that will fuel the growth of the EV battery ecosystem in the future. From recent partnerships to research findings, we pinpoint the major advances poised to overcome the existing challenges.

Before that, let’s touch base on some challenges that have hindered growth or stalled battery innovations in recent years. 

EV Battery Manufacturing: Current Challenges

Despite their commendable efforts, EV battery manufacturers continue to face multiple challenges along their journey. For instance, 

Consumers are increasingly demanding electric vehicles with faster charging times, longer ranges, and improved safety. This demand, coupled with concerns about battery weight and range anxiety, presents significant challenges for battery developers.

Let’s skim through some of these hurdles that require immediate attention: 

1. Supply Chain Gaps

Some key supply chain gaps include:

• Raw Material Shortages: The production of essential minerals like lithium, nickel, and cobalt is limited and geographically concentrated. For instance, 70% of global lithium is mined in Australia and Chile, with 60% refined in China. 
• Geopolitical Tensions: China’s dominance in the EV battery supply chain, controlling up to 90% of it, poses risks for manufacturers outside the country. Recent efforts by the United States to reduce dependence on China have created market uncertainties.
• Manufacturing Equipment Shortages: A McKinsey report notes that, currently, manufacturers often face wait times of up to 1.5 years from ordering to commissioning for critical battery-making equipment.

2. Quality-related Issues

As the race for excellence and stamping authority in the EV market heats up, manufacturers must focus on maintaining and improving the overall quality of their batteries. 

Although the recall rate of EV batteries is around 2.5%, the recent Chevrolet Bolt EV recall reminds us of the repercussions of producing low or poor-quality EV batteries.  

3. Thermal Management Safety

Temperature management is a long-lasting issue in the EV landscape and the growing instances of batteries catching fire have raised safety-related concerns recently. 

For instance, leaks, clogging, corrosion, and aging are some of the factors that lead to thermal management problems in EV battery packs. 

4 Pathbreaking EV Battery Innovations and Noteworthy Alliances

These challenges coupled with increasing calls for cleaner transportation, ongoing range anxiety, and safety concerns have compelled manufacturers and researchers to innovate, forge strategic partnerships, and focus on research and development (R&D). 

Let’s see how the major players in this sector are coming together to overcome the existing challenges and introduce next-generation EV battery technologies. 

1. SAIC-GM and CATL Join Forces to Roll Out Fastest Charging EV Battery 

General Motors and Chinese state-owned automotive company SAIC have partnered with battery powerhouse CATL to launch the world’s fastest-charging EV battery. This news comes at a time when EV manufacturers are scrambling to accelerate charging to gain an edge over other market players. 

The companies have developed and rolled out a first-of-its-kind lithium iron phosphate (LFP) battery that paves the way for 6C ultra-fast charging. 

The 6C indicates that the battery can be theoretically charged completely in one-sixth of an hour i.e., around 10 minutes. 

According to SAIC-GM, the advanced battery can provide a driving range of around 200 kilometers on a five-minute charge. This could mark the beginning of the end of range anxiety for EV users in the future. 

2. Samsung Set to Introduce New EV Battery Solutions

Samsung, one of the most reputed South Korean companies in the world, showcased its progress in EV batteries at this year’s IAA Transportation event in Germany. 

In its bid to improve battery technology and create sustainable transportation alternatives, the company is poised to introduce an array of next-generation EV battery solutions. 

These include a new LFP battery with 10% more energy density compared to the previous versions. Additionally, the company has indicated that it will take around 20 minutes to reach 80% charge. 

The goal is to manufacture a battery with the highest energy density and mass-produce it by 2027. 

3. Hyundai and Kia Come Together to Improve EV Battery Supply Chain

Hyundai Motors and Kia Corporation have entered a four-year agreement to develop state-of-the-art LFP battery cathode material.

The other parties involved include EcoPro BM, one of the biggest names in the cathode material sphere, and Hyundai Steel who have come together to establish a solid supply chain to fulfill the future demand in the EV ecosystem. 

The project will minimize dependency on imports and help them produce LFP cathode material by deploying the direct synthesis process; an affordable and cleaner alternative to conventional processes. 

The LFP cathode material will also enable fast charging and exhibit exceptional high-level charging and discharging performance at very low temperatures. 

4. MG Announces Plans to Launch Solid-State EV Battery in 2025

MG Motors has announced plans to launch a solid-state EV battery in the second quarter of 2025. The new battery will be significantly better than current-generation lithium-ion batteries, offering nearly double the energy density.

Therefore, it is safe to assume that the new generation of EVs will have a longer driving range, lower production costs, and will be lighter in weight. 

Parting Notes

The recent developments in the EV landscape primarily focus on boosting the EV’s driving range, enhancing safety, and laying the foundations of a robust supply chain to cater to future demands. 

Apart from the ramped-up efforts of established manufacturers and budding startups, R&D activities have also gained momentum worldwide to improve the current state of EV battery technology. 

The next-generation EVs are likely to have a higher driving range without compromising on performance and driver safety, offering significant promise toward sustainable mobility.