KATHMANDU: The price of electric vehicles (EVs) is expected to see a sharp decline within the next two to three years as costly lithium-ion batteries are set to be replaced by sodium-ion batteries.
Experts, speaking at the ‘Sodium-Ion Battery Industry Chain and Standard Development Forum’, said sodium-ion batteries are moving beyond the testing phase and entering large-scale production. According to Sina Finance, the new batteries could dominate the global battery market within the next two to three years.
Speakers at the Forum said sodium-ion batteries are set to replace conventional lithium-ion batteries. High power output, strong low-temperature performance, enhanced safety and lower costs make sodium-ion batteries suitable for widespread use, they added.
Since battery is one of the most expensive components in an EV, any reduction in battery prices will directly lower the cost of the vehicle.
Vehicles powered by sodium-ion batteries are expected to be available on the market as early as 2026. They will also be used in uninterruptible power supplies (UPS) and frequency regulation for energy storage. Analysts predict that sodium-ion batteries will even replace the low-cost lead-acid batteries currently in use.
Since battery is one of the most expensive components in an EV, any reduction in battery prices will directly lower the cost of the vehicle.
Despite these advantages, sodium-ion batteries have a lower energy density compared to lithium-ion batteries. However, they are capable of rapid charging and discharging, making them highly efficient. Their strong low-temperature performance makes them particularly suitable for high-power, high-current equipment.
Initial commercial applications of sodium-ion batteries are expected in commercial vehicles, mining machinery, construction equipment, agricultural machines and hybrid vehicles.
CATL, the world’s largest lithium-ion battery producer, has also included sodium-ion batteries in its diversified technology roadmap. In April, the company launched its first large-scale mass-produced sodium-ion battery.
According to CATL, its sodium-ion batteries have an energy density of 175 watt-hours per kilogram, which is sufficient to provide a pure-electric driving range of up to 500 kilometers in many EVs.
