Excerpt from entrepreneur.com
Most countries across the globe, including India, are moving towards the era of electric vehicles (EVs). The US automobile giant General Motors has announced that it is aiming to stop selling petrol-powered and diesel models by 2035. Germany’s Audi too plans to stop producing them by 2033.
Governments across the world have prepared roadmaps to fast-track EV adoption. India targets a 30% penetration of electric vehicles on Indian roads by 2030. The FAME 2 (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles Phase II) scheme has allocated a budget of INR 10K Cr to give a push to EVs to curb pollution and reduce crude oil imports.
As things get back to normalcy, startups and automotive players are once again upping their game to ensure the target is reached. However, the faster the adoption, the more the consumption of lithium-ion batteries, used in EVs. These batteries produce electricity by moving lithium ions from one layer called the anode to another called the cathode, both separated by another layer called the electrolyte. These are rechargeable batteries that are also used in many industries including consumer electronics. In fact, a single EV has around 10 kilograms of lithium in it and over 40 % of the cost of an EV in India is for the lithium-ion battery.