In the years since it launched, Lucid Motors (NASDAQ: LCID) has made a name for itself as one of the electric vehicle industry’s top innovators. Lucid formally entered the EV market with the Air Sedan, a flagship model that now uses the 2170 cylindrical lithium-ion battery pack famed for its high energy density and efficiency.
The California-based company also developed a proprietary charging unit that uses high-voltage DC fast charging to cut charging times by a significant margin. However, the company’s most well-known technological achievement is solid-state batteries, next-generation EV batteries that use solid rather than liquid electrolytes.
Replacing the liquid electrolyte with a solid increases battery density by more than two times, limits the use of costly and toxic raw materials, and increases battery safety.
More than a decade after Tesla launched the first modern-battery electric vehicle (BEV), the EV sector is poised for a significant paradigm shift. The EV industry has largely relied on lithium-ion batteries to power electric cars since its inception, but these batteries may soon lose their throne. Lithium-ion EV batteries leverage a liquid electrolyte to transfer ions (charge-carrying particles) between the two electrodes, unlike solid-state batteries.
The batteries offer good high-temperature performance, low discharge, high energy efficiency, high power-to-weight ratio and long life, which make them suitable for electric vehicles. However, these benefits are overshadowed by their risk of catching fire, comparatively low energy density, high production costs and the risk of environmental pollution. This has in turn limited electric vehicle adoption by increasing EV prices and contributing to range anxiety.
With a recent decline in market demand forcing many carmakers back to the drawing board, several companies are now considering low-cost technology that allows fast charging without compromising on safety. Solid-state batteries could hold the key to mitigating inefficiencies in EV batteries and encouraging faster electric vehicle adoption. They are cheaper and charge faster while also having a higher thermal density, longer lifespan, lower maintenance costs and a significantly lower risk of thermal runaway.
Unfortunately, bringing the technology to scale will come with myriad challenges that will likely require industrywide collaboration to overcome. These challenges include scalability, manufacturing complexities and cost.
Experts predict that companies will start mass-producing solid-state batteries from the late 2020s to the early 2030s, even though research and development efforts are rapidly progressing. They say adoption of the novel technology will initially be slow, with premium electric cars being the first to feature solid-state batteries. Reductions in manufacturing costs coupled with scaled-up production will help the technology reach wider market penetration in the years after.
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