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Well, there are 3 essential parts of an electric vehicle. They are
Li-ion battery pack
If these products are manufactured on a large scale like Tesla is trying to do in its Gigafactory, the final cost of these essential parts can be reduced substantially. Its all about ‘economy of scale’.
Interestingly, the cost of batteries have been dropping exponentially from a very long time and it will continue to do so in the coming times. Now, the question is, how can we cut the cost?? By adapting to newer cheaper materials and also considering the fact that those elements should be available in larger quantities on earth. Additionally, if we can increase the energy density of the batteries with the implementation of cheaper materials, then we can get the best of both things.
There is a lot of research going on in implementing silicon as anode in place of graphite in the existing Li-ion battery which will be providing better energy storage and will lower the overall cost of the batteries which should ultimately make electric cars cheaper. We can expect these moves only after 2018 or 2019.
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