During the recent Tesla Battery Day, Tesla’s CEO announced that the EV maker had made incremental improvements in battery tech that dramatically reduced the cost of its battery cells, paving the road for an affordable $25,000 electric car. Tesla Inc. (NASDAQ: TSLA) unveiled plans to develop a tables battery that could improve an EV’s range and power while lowering its cost, allowing the firm to make and sell EVs at a far cheaper cost than it can now.
According to Forbes, Tesla’s upcoming $25,000 vehicle “could mean game over for gas and oil,” and industry experts agree wholeheartedly. Expected to debut in about three years, the vehicle will likely force the hand of other EV makers if they wish to stay in the market. However, for automakers like Hyundai and Kia to come up with comparably priced electric cars that could compete with Tesla in terms of price and features, they would require vast resources.
Additionally, it may take about four or five years for other EV manufacturers to come up with a vehicle on par with Tesla’s $25,000, especially since CEO Musk noted that the upcoming EV will still feature great performance and tech reminiscent of the existing S3XY lineup. The Korea Bizwire reports that “unless battery makers decide to level battery prices to line up with Tesla, it is unlikely for domestic EV manufacturers to introduce new models that cost less than 30 million won ($25,754.50).”
According to Lee Hang-gu, a senior researcher at the Korea Automotive Technology Institute, companies like Hyundai which already have an EV program could see losses if they cut production costs to a level that matches Tesla. “Hyundai Motors will lose 12 trillion won ($10.3 billion) if domestic car makers cut production costs by 30 to 40 percent with Tesla,” he says.
Elon Musk stated that the firm achieved its battery tech breakthrough by removing the tab, a part of the battery that forms a connection between the cell and what it is powering. The new tabless cells, dubbed 4860 cells, will give Tesla batteries five times more energy capacity, make them six times more powerful, and enable a 165 range increase for Tesla’s vehicles. The new cells are bigger than Tesla’s current cells and in addition to providing more energy and power, will result in a 14% reduction in cost per kWh at the cell from the factory level, according to Musk. The future does indeed look bright for battery-powered travel.
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