For all the gloom and doom over EV sales, the US automotive market continues to attract new investors. The latest news comes from the Israeli startup Addionics, which is putting up $400 million to bring its new 3-D EV battery architecture to automotive stakeholders in the US. All else being equal, the end result will be to drive down the cost of EV batteries including the new all-important solid state EV battery formula.
The cloudy media picture on EV sales has a lot to do with the disconnect that can occur between an attention-grabbing headline and the text of an article.
That headlines makes it sound like EV sales not only fell off a cliff, but the entire idea of electric vehicles is a washout.
With that in mind, it’s worth noting that reporters rarely if ever write their own headlines in mainstream media organizations. Headlines are generally written by somebody who is an expert in getting attention, not gathering news.
Once you take a look at the URL behind the post, a different perspective on the shocking news about EV sales emerges. The key words are: what-happened-with-electric-vehicle-sales-in-2023.
Yes, what happened to EV sales in 2023? It’s not so shocking, after all. Everyone wants to know, and they can find out if they read the article. CNN senior business reporter Peter Valdes-Dapena takes a deep, accurate dive into the factors influencing EV sales in recent months. He begins by taking note of some recent news involving Tesla, Ford, GM, and the EPA, then quickly dives into the nut of the case (emphasis his).
To be clear, Valdes-Dapena notes at the beginning of the third paragraph, The American market for EVs is not collapsing. In the last quarter of 2023, EV sales were up 40% from the same quarter a year before.
In fact, EV sales in the United States hit a record last year, topping 1 million for the first time, he added.
As Valdes-Dapena sees it, some automakers raised expectations about their own ability to move EVs. Even though they missed their marks individually, overall EV sales racked up a banner year in 2023 and sales are off to a roaring start in 2024. Valdes-Dapena cites a number of factors behind the mark-missing, including the limited range of styles and sizes currently available to car buyers in search of something different.
The emergence of solid-state technology is another EV sales booster coming within the next few years. Solid-state batteries promise longer range and faster charging times among other advantages over conventional EV batteries. Pouch cells are also set to be used the most because the battery considered to be the holy grail of EV batteries, solid-state, can only work in the pouch cell format, Addionics explains.
The latest news from Addionics will help battery prices take a nosedive. The company announced that it is nearing a decision on where to build a factory described as the world’s first gigafactory-grade facility for 3D Current Collector™ copper foil production. The current collector is a key component in the physical structure of EV batteries, and Addionics has come up with a new architecture they describe as a new industry standard for the next generation of batteries.
Addionics’ first plant is expected to begin production in 2027, with additional plants expected to be completed by 2032. The company states that it has already reaped substantial demand in the US and Europe, which explains why it is willing to put down a $400 million stake on an allegedly soft market. Chip in a few dollars a month to help support independent cleantech coverage that helps to accelerate the cleantech revolution!
