With battery cost on a decline, EVs will soon become affordable: Report

According to a CNBC report, the price gap between battery-powered vehicles and IC Engine vehicles has started to decrease and will continue to do so for the next 2-3 years.

The report says that dip in the cost Li-ion batteries is the primary reason behind the overall price drop of EVs. As per the report, the cost of charging an EV is less than half the cost of gasoline in the US.

Though EV adoption is still not up to the mark mainly due to price and range anxiety, however, with increasing competition and continuous innovation, their future looks right.

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World’s First Iron-ion Battery, Developed in India by researchers from IIT Madras

A research team from India’s IIT (Institute of Technology) Madras has officially developed the world’s first iron-ion battery, which promises a low-cost stable alternative to the existing mainstream lithium-ion battery. The battery consists of an anode made of low-carbon steel, instead of pure iron, plus a cathode made of vanadium pentoxide, which is suitable for the movement of iron ion, due to its larger gap. The iron-ion battery also uses iron chlorate as electrolyte. Compared to the traditional lithium ion batteries, the newly developed batteries from IIT are much more cost effective, and features slightly better storage capacity and stability.