Besides electric motors, batteries are the most central component of an electric vehicle, with the two components accounting for roughly 50% of its total manufacturing cost (35% of which can be related to the battery) .
A battery is manufactured using four components: An anode, a cathode, an electrolyte and a semipermeable barrier . Most modern electronics as well as EVs nowadays use Lithium-Ion batteries . Compared to preceding battery technologies, these batteries are relatively power-dense, do not deteriorate significantly over time and can return nearly 100% of their saved power each cycle . However, in order to enable more demanding use cases (e.g. battery powered long-distance travel), scientists are developing more capable battery solutions. Alterations to the current lithium-ion battery technology could enable a theoretical 1000% increase in energy density, meaning that a battery of equal size could store ten times as much power compared to the current technology. These newer lithium-ion batteries deteriorate considerably faster than current ones, however. Solving this problem puts practical increases in energy density at around 200% .
Other technical developments could enable batteries to become much lighter, by using oxygen from the surrounding air as an anode .
Although newer and better battery technologies are in development, scientists expect lithium-ion batteries to remain the dominating technology for the foreseeable future . One major argument for this is price: The cost of producing a lithium-ion battery has fallen by 97% since their introduction in the 1990s . As a result, manufacturers of electric vehicles can expect to reach price parity with gasoline powered cars by the mid 2020s .
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