EVs will make up 54 percent of new car sales in 2040. (Source: Electrek)

Even though EVs make up about 1 percent of total new car sales in the U.S., EVs are on a steady, steep path upwards. According to a report by Bloomberg New Energy Finance, EVs will make up 54 percent of new car sales by 2040, and by 2029, EVs will be cheaper to buy than gasoline and diesel-fueled cars.

The figures are significant and will translate into a sharp increase in demand for rechargeable batteries and their materials.

SEE ALSO: Ask an Expert: Electric Vehicles and the Future of the Automotive Market

The Evolution of EV Batteries

Before diving into the juicy details, it’s always helpful to cover the basics. Batteries are made up of 3 main components. The anode, or negative electrodes, the cathode, or positive electrodes and some type of electrolyte through which the electrodes travel to release chemical energy.

A simple battery can be made out of a potato, copper penny and galvanized nail. (Source: Tested)

The first rechargeable battery, lead-acid battery, was invented in 1859 by a physicist named Gaston Plante. Lead dioxide was the cathode material used, and lead was the anode material with a liquid solution of sulphuric acid and water as the electrolyte. The materials were affordable and the battery was applied to many early models of EVs, including early models of the Tesla Model S.

Another widely used battery that came after the lead-acid battery is the nickel-metal hydride (NiMH) battery developed at the Battelle-Geneva Research Center in 1967. Nickel hydroxide was used as the cathode material while a hydrogen-absorbing alloy was used as the anode material. A liquid solution served as electrolytes. The research for NiMH batteries was extensive, and funded jointly by Daimler-Benz and Volkswagen AG. The batteries were also applied to many EV models such as the Toyota Prius, prior to 2015.

The Advent of Lithium-Ion Batteries

The introduction of lithium-ion batteries was a game-changer. Sony first introduced them in 1991, and today, most EVs have them, including the Tesla Model 3. The batteries consist of lithium-cobalt oxide cathodes, graphite anodes and the electrolyte is usually a solution of lithium salt and an organic solvent, though some automakers are experimenting with solid-state electrolytes.

The Tesla Model 3 has a lithium-ion battery. (Source: Green Car Reports)

Compared to its predecessors, lithium-ion batteries have the highest amount of stored energy and specific power, which is kind of like horsepower for electric cars. As a result of improved technology and lower costs, lithium-ion batteries are projected to make up 70 percent of the total rechargeable battery market by 2025, which will be worth roughly USD 112 billion.

Good as Gold

It is estimated that every 1 percent increase of EVs in the auto market will result in an additional 70,000 tons of lithium demand LCE per year.

In 2016, Australia topped the list for the most lithium produced with 14,300 metric tons. China and Zimbabwe are also top contenders producing 2000 and 900 metric tons in 2016, respectively. Then, there are the South American countries of Argentina, Chile, and Bolivia, also referred to as the “lithium triangle,” and home to 75 percent of the world’s lithium supply.

Workers at a brine pool at the Rockwood Lithium Plant on the Atacama salt flat. (Source: Reuters)

Does that mean the world has enough lithium to fuel the cars of tomorrow? The answer is yes, but there aren’t enough mines to produce them. In order to prevent environmental damage and the exploitation of unprotected workers, lithium producers have to get smart about lithium mining and production.

[clickToTweet tweet=”It is estimated that every 1 percent increase of EVs in the auto market will result in an additional 70,000 tons of lithium demand LCE per year- Visual Capitalist” quote=”It is estimated that every 1 percent increase of EVs in the auto market will result in an additional 70,000 tons of lithium demand LCE per year- Visual Capitalist” theme=”style6″]

POSCO’s Lithium Production  

Starting in 2010, POSCO and the Research Institute of Industrial Science & Technology (RIST) teamed up to develop a chemically based lithium extraction technology. The innovation cut down extraction time from up to 18 months down to between 8 hours and 1 month, delivering a purity rate of 99.9 percent. The recovery rate of lithium also increased to over 80 percent. POSCO is the world’s first corporation to commercialize the technology.

SEE ALSO: Lithium Rocks: POSCO at Forefront of a Green Energy Future

POSCO CEO Kwon Ohjoon holds lithium on his visit to PosLX, POSCO’s battery production factory in Korea.

It’s also at the heart of the lithium triangle. POSCO currently operates facilities in Chile’s Maricunga Salt Lake, Argentina’s Cauchari Salt Lake and Argentina’s Pozuelos Salt Lake, which alone will boost POSCO’s annual lithium production to 2,500 tons. POSCO also opened its first battery production plant in Korea earlier this year.  

The future of EVs is promising thanks to advancements being made in electric batteries, and there’s a lot at stake for the health and well being of future generations. Increasingly, the availability and costs of EV battery materials will play a vital role in market outcomes and widespread EV adoption. It is vital for companies like POSCO to provide abundant, sustainable and cost-friendly EV battery materials so automakers can continue to enhance the batteries of tomorrow’s cars.

Cover photo courtesy of Quartz.

Could the next generation of drivers have an iCar sitting in their driveway?

The future of the car market is heating up, with Apple recently rumored to be building its own electric car. The iPhone maker has hired 200 staff members to build its own kind of vehicle by 2020, according to Bloomberg.

If Apple does enter the market, it will also face another tech competitor, Google, which has been investing in creating a self-driving car since 2010. And beyond Silicon Valley, both of the tech companies will also have to compete with Tesla Motors and luxury brands like Mercedes-Benz and Audi.

With everyone in the mix, the car of the future can be anyone’s guess.

POSCO’s research team predicts the lightweight steel will make its way into the car of the future. The research team developed new steel materials that can significantly improve gas mileage of automobiles by reducing their weight by 15 percent. Car manufacturers are currently experimenting with lightweight steel to increase fuel mileage and reduce emissions. The new steel will not only enhance passenger safety but will provide remarkable strength.

With burgeoning trends making their way into the cars of today, we can gather that a few standout features will come standard in the years ahead. Here is a list of the top six companies revolutionizing the car market of today.

Luxury meets tech: Mercedes-Benz F 015 concept car

Source: Forbes

While Mercedes-Benz’s F015 is only a research experiment of what cars in the future might look and drive like, the results are truly stunning. With a sleek exterior that beautifully reflects its environment, the self-driving car has a great balance of luxury and convenience.

According to Car and Driver magazine, the body of the car used aluminum, high-strength steel and other composite materials.

Car manufacturers have been seeking to lighten car bodies through increased use of lightweight alloys such as aluminum, rather than steel, which has a high density. However, reducing density through an increase in aluminum content within steel leads to the creation of intermetallic compounds, which has the disadvantage of making the steel rather easy to break.

POSCO’s new materials provide 50 percent enhanced strength with features that are light and soft. This means they are not easy to break when transforming compared to other low-density materials which have been studied in the past.

The use of lightweight steel also opens up opportunities for manufacturers to incorporate more tech into cars to make them an immersive living experience.

Form follows function: Google’s self-driving car

Source: Google Self-Driving Car Project

On an entirely different spectrum, Google has used functionality as a focal point for its new self-driving prototype. The pint-size car is a drastic turnaround from the gas guzzlers we’ve seen on the road. As personal cars reduce in size and shape, POSCO’s role will increasingly be affected. Smaller cars also need strength, but they can’t be heavy.

Luckily, the steelmaker’s new materials will be a great fit for the new Google car. With a production cost that is one-tenth compared to titanium and a reduction of auto weight by 15 percent, POSCO’s new steel is both cost-effective and light — and still provides excellent strength.

But while the tech company has been testing the car on the roads of California, it won’t be available for commercial use until 2020.

The autonomous car uses years of Google’s Maps technology to drive passengers comfortably and safely around town. It features two seats with plenty of leg space in the front and has a “stop” button. The car itself can only go 25 miles per hour (40 kilometers per hour), but Google plans to increase that speed in the future — maybe even going up to 100 miles per hour. 

Apple’s “Titan” project

Source: Concept iCar design by Franco Grassi

Could we be looking at the new Apple car? It might be too soon to say, but what we do know is that the iPhone maker has launched a project with some 200 employees who have previously worked for hybrid and electric car companies.

Many news organizations and experts have pointed out that Apple might not be ready to go from manufacturing gadgets to producing full-blown vehicles.

Yet if the car does go on the market, it will definitely need steel. As Investopedia pointed out in its article in May last year, “cars will always need steel, glass, an interior, a drivetrain and some form of human interface.” This bodes well for POSCO, whose lightweight, high-strength steel will always be in demand.

But it’s not as though Apple hasn’t entered the game with smartcar tech already. Just like Google, Apple plans to have its smartphones integrate with car consoles using its CarPlay platform. Passengers will be able to use the iOS system right in their in-dash touchscreens.

Practical and all electric: Nissan Leaf

Source: Wikipedia

Unlike all of the rumored vehicles and concept cars, Nissan has already released an electric vehicle that has been sold to about 40,000 buyers. It is entirely electric and is supported by a lithium-ion battery.

As part of its eco-concept design, the Nissan Leaf used recycled steel for its body. As we know already, steel has incredible recycle potential. The same steel can be used about nine times throughout the material’s life cycle. The Nissan Leaf is a great example of how steel fits into the new eco-friendly era.

Also, when drivers slow down, they’re actually helping to regenerate power. The car’s regenerative braking system helps store that power in the battery

Powerful and eco-friendly: Tesla Model S

Source: Uncrate

Car manufacturer Tesla has been at the forefront of the changing car landscape since the beginning.

The combination of luxury and eco-friendly almost seemed like oil and water before Tesla developed its lineup. And it keeps getting better. For example, the Model S P85D surpasses expectations that electric vehicles are shy, slow-moving creatures. The car goes zero to 60 miles per hour in 3.2 seconds, rivaling the Porsche 911 Turbo.

The Tesla Model S uses sheets of aluminum to reduce weight. Another alternative to reduce that weight is to use low-density steel, which also provides strength thanks to its use of intermetallic compounds.

High-end and supercharged: Audi R8 e-tron

Source: Wikipedia

Audi’s R8 e-tron electric car is truly mesmerizing. The all-electric had a profound effect when it was unveiled this month at the Geneva Auto Show, Europe’s biggest auto event. Audi is traditionally known as a luxury brand, and its jump into the electric market certainly raised some eyebrows.

The Wall Street Journal reported that the R8 is made of lightweight aluminum and carbon fiber. In fact, carbon fiber-reinforced plastics are traditionally used in sports cars, which is one of the reasons why they’re so fast.

The fact that the Audi is entering the electric car market offers the possibility that luxury cars will also be electric in the future. And with the introduction of electric cars, weight will also need to be reduced — another reason why POSCO’s new steel can help automakers achieve their weight goals.