As electric vehicle (EV) battery prices keep dropping, the global supply of EVs and demand for their batteries are ramping up.

Since 2010, the average price of a lithium-ion (Li-ion) EV battery pack has fallen from $1,200 per kilowatt-hour (kWh) to just $132/kWh in 2021.

Inside each EV battery pack are multiple interconnected modules made up of tens to hundreds of rechargeable Li-ion cells. Collectively, these cells make up roughly 77% of the total cost of an average battery pack, or about $101/kWh.

So, what drives the cost of these individual battery cells?

According to data from BloombergNEF, the cost of each cell’s cathode adds up to more than half of the overall cell cost.

Percentages may not add to 100% due to rounding.

The cathode is the positively charged electrode of the battery. When a battery is discharged, both electrons and positively-charged molecules (the eponymous lithium ions) flow from the anode to the cathode, which stores both until the battery is charged again.

That means that cathodes effectively determine the performance, range, and thermal safety of a battery, and therefore of an EV itself, making them one of the most important components.

They are composed of various metals (in refined forms) depending on cell chemistry, typically including lithium and nickel. Common cathode compositions in modern use include:

The battery metals that make up the cathode are in high demand, with automakers like Tesla rushing to secure supplies as EV sales charge ahead. In fact, the commodities in the cathode, along with those in other parts of the cell, account for roughly 40% of the overall cell cost.

Components outside of the cathode make up the other 49% of a cell’s cost.

The manufacturing process, which involves producing the electrodes, assembling the different components, and finishing the cell, makes up 24% of the total cost.

The anode is another significant component of the battery, and it makes up 12% of the total cost—around one-fourth of the cathode’s share. The anode in a Li-ion cell is typically made of natural or synthetic graphite, which tends to be less expensive than other battery commodities.

Although battery costs have been declining since 2010, the recent surge in prices of key battery metals like lithium has cast a shadow of doubt over their future. How will EV battery prices evolve going forward?

Lithium Consumption Has Nearly Quadrupled Since 2010

Lithium Prices Surge on EV Demand from China

Every Electric Semi Truck in One Graphic

Visualizing China’s Dominance in the Solar Panel Supply Chain

Who Is Building Nuclear Reactors?

Visualizing 10 Years of Global EV Sales by Country

How Strong Are Rare Earth Magnets?

A wave of electric semi trucks is expected to arrive over the next few years. View this infographic to learn more.

Electric semi trucks are coming, and they could help to decarbonize the shipping and logistics industry. However, range remains a major limitation.

This presents challenges for long-hauling, where the average diesel-powered semi can travel up to 2,000 miles before refueling. Compare this to the longest range electric model, the Tesla Semi, which promises up to 500 miles. A key word here is “promises”—the Semi is still in development, and nothing has been proven yet.

In this infographic, we’ve listed all of the upcoming electric semi trucks, complete with range and charge time estimates. Further in the article, we’ll explore the potential commercial use cases of this first generation of trucks.

The following table includes all of the models included in the above infographic.

CompanyTruck NameRangeCharge Time Expected Delivery 🇺🇸 TeslaSemi300-500 milesTBD2023 🇺🇸 FreightlinereCascadia250 miles80% in as low as 1.5 hrs2022 🇸🇪 VolvoVNR Electric275 miles80% in as low as 1 hr2022 🇺🇸 KenworthT680E150 miles100% in as low as 3.3 hrsTBD 🇺🇸 Peterbilt579EV150 miles100% in as low as 3.3 hrs2022 🇨🇳 BYD8TT167 miles100% in as low as 2.5 hrsIn operation 🇺🇸 NikolaTre BEV350 miles10% to 80% in as low as 2 hrs2022

Source: US News, CNBC, InsideEVs

With the exception of Tesla’s Semi, all of these trucks are currently in operation or expected to begin delivering this year. You may want to take this with a grain of salt, as the electric vehicle industry has become notorious for delays.

In terms of range, Tesla and Nikola are promising the highest figures (300+ miles), while the rest of the competition is targeting between 150 to 275 miles. It’s reasonable to assume that the Tesla and Nikola semis will be the most expensive.

Charge times are difficult to compare because of the variables involved. This includes the amount of charge and the type of charger used. Nikola, for example, claims it will take 2 hours to charge its Tre BEV from 10% to 80% when using a 240kW charger.

Charger technology is also improving quickly. Tesla is believed to be rolling out a 1 MW (1,000 kW) charger that could add 400 miles of range in just 30 minutes.

Given their relatively lower ranges, electric semis are unlikely to be used for long hauls.

Instead, they’re expected to be deployed on regional and urban routes, where the total distance traveled between destinations is much lower. There are many reasons why electric semis are suited for these routes, as listed below:

An example of a regional route would be delivering containers from the Port of Los Angeles to the Los Angeles Transportation Center Intermodal Facility (LATC). The LATC is where containers are loaded onto trains, and is located roughly 28 miles away.

With a round trip totaling nearly 60 miles, an electric semi with a range of 200 miles could feasibly complete this route three times before needing a charge. The truck could be charged overnight, as well as during off hours in the middle of the day.

We’ve covered the differences between battery and hydrogen fuel cell vehicles in the past, but this was from a passenger car perspective. The conclusion, in that case, was that battery electric has become the dominant technology. In terms of long-haul trucking, however, hydrogen may have an edge.

If we look at what will become mainstream, probably for smaller mobility it will be EVs, and fuel cells for larger mobility. That is the conclusion so far. -Toshihiro Mibe, CEO, Honda

There are several reasons for why hydrogen could be beneficial for delivering heavy cargo over long distances. These are listed below:

This last point hasn’t been proven yet, but we can reference Nikola, which is developing hydrogen-powered semi trucks. The company has two models in the works, which are the Tre FCEV with a range of 500 miles, and the Two FCEV with a range of 900 miles.

Keep in mind that these numbers are once again estimates and that Nikola has been accused of fraud in the past.

Although there are very few models available, electric semi trucks are indeed being used today.

In January 2020, Anheuser-Busch announced that it had received its 100th 8TT. The 8TT is produced by China’s BYD Motors and was one of the first electric semis to see real-world application. The brewing company uses its 8TTs to deliver products to retail destinations across California (e.g. grocery stores).

Another U.S. company using electric semis is Walmart. The retailer is trialing both the eCascadia from Freightliner and the Tre BEV from Nikola. The trucks are being used to pick up cargo from suppliers and then deliver it to regional consolidation centers.

This infographic charts the exponential growth of EV sales by country over the last decade.

In 2011, around 55,000 electric vehicles (EVs) were sold around the world. 10 years later in 2021, that figure had grown close to 7 million vehicles.

With many countries getting plugged into electrification, the global EV market has seen exponential growth over the last decade. Using data from the International Energy Agency (IEA), this infographic shows the explosion in global EV sales since 2011, highlighting the countries that have grown into the biggest EV markets.

From 2011 to 2015, global EV sales grew at an average annual rate of 89%, with roughly one-third of global sales occurring in the U.S. alone.

In 2014, the U.S. was the largest EV market followed by China, the Netherlands, Norway, and France. But things changed in 2015, when China’s EV sales grew by 238% relative to 2014, propelling it to the top spot.

China’s growth had been years in the making, with the government offering generous subsidies for electrified cars, in addition to incentives and policies that encouraged production. In 2016, Chinese consumers bought more EVs than the rest of the world combined—and the country hasn’t looked back, accounting for over half of global sales in 2021.

After remaining fairly flat in 2019, global EV sales grew by 38% in 2020, and then more than doubled in 2021. China was the driver of the growth—the country sold more EVs in 2021 than the rest of the world combined in 2020.

China has nearly 300 EV models available for purchase, more than any other country, and it’s also home to four of the world’s 10 largest battery manufacturers. Moreover, the median price of electric cars in China is just 10% more than conventional cars, compared to 45-50% on average in other major markets.

Germany, Europe’s biggest auto market, sold nearly 700,000 EVs in 2021, up 72% from 2020. The country hosts some of the biggest EV factories in Europe, with Tesla, Volkswagen, and Chinese battery giant CATL either planning or operating ‘gigafactories’ there. Overall, sales in Europe increased by 65% in 2021, as evidenced by the seven European countries in the above list.

The U.S. also made a comeback after a two-year drop, with EV sales more than doubling in 2021. The growth was supported by a 24% increase in EV model availability, and also by an increase in production of Tesla models, which accounted for half of U.S. EV sales.

Tesla is the world’s most renowned electric car company and its dominance in the U.S. is unmatched.

Between 2011 and 2019, Tesla accounted for 40% of all EVs sold in the United States. Furthermore, Tesla cars have been the top-selling EV models in the U.S. in every year since 2015.

*Estimates Share of total sales calculated using total U.S. EV sales of 631,152 units, based on data from the IEA. Source: Cleantechnica

Tesla accounted for over 50% of EV sales in the U.S. in 2021 with the Model Y—launched in 2019—taking the top spot. Furthermore, the Model Y remained the bestselling EV in the first quarter of 2022, with Tesla taking up a massive 75% of the EV market share.

Despite Tesla’s popularity, it could face a challenge as other automakers roll out new models and expand EV production. For example, General Motors aims to make 20 EV models available by 2025, and Ford expects to produce at least 2 million EVs annually by 2026. This increase in competition from incumbents and new entrants could eat away at Tesla’s market share in the coming years.

Sept 6, 2022 Premium Nickel Resources Ltd. Reports Additional Assays on Historic Core Samples and Update on Underground Grab Sample Assays from Selkirk Mine

Visualizing China’s Dominance in Rare Earth Metals

Ranked: The Top 10 EV Battery Manufacturers

All the World’s Metals and Minerals in One Visualization

What is a Commodity Super Cycle?

How the World’s Top Gold Mining Stocks Performed in 2020

All the Metals We Mined in One Visualization

The World’s Top 10 Gold Mining Companies

Visualizing the Life Cycle of a Mineral Discovery

Please share your location to continue.

Check our help guide for more info.