Abstract for: Modeling the performance and cost dynamics of Lithium-ion Battery for Mobility
Being a promising power source for electric vehicles, Lithium-Ion battery (LIBs) plays a crucial role in the electric mobility segment. LIBs' demand evolves with the mass market penetration of electric mobility. But high cost and range anxiety issues related to EVs limit the growth of the LIBs market. In this paper, we consider NMC-622 battery chemistry and develop a system dynamics model to evaluate the impact of battery capacity on the cost and demand of LIBs and range requirements for EVs. The model considers battery capacity, the subsidy given on EVs, EV sales, and LIB replacement based on LIB life as factors that impacts the LIB market. The model results show that battery capacity and battery life significantly impact LIB cost per kWh when there is a fixed subsidy. The LIB demand improves when there is a high subsidy on EVs' price and when LIB has low capacity and life, which can be considered while developing EV models for different customer segments.