Lithium Ion Batteries May Be Getting Cheaper

Although we all know that EVs are the wave of the future, one of the reasons they have not received more acclaim from the masses is the price tag. The main reason why a car like the Chevy Volt sells for $40,000 is the steep cost of its lithium ion battery. But that is about to change.

GM has hired South Korea's LG Chem to produce battery cells for its li-ion batteries. GM will use these cells for its Michigan plant battery production. GM figures that this will lower the cost of cars like the Chevy Volt and boost sales. Let's hope they are right.