The global electric vehicle (EV) market is experiencing robust growth, with one in five cars sold being electric.
Last year, the number of EVs sold grew by 25%, and with that, EVs accounted for 21% of all car sales worldwide.
This growth is driven by consumer demand, which is concerned about climate change, policy support from governments around the world, increasing price competition, making EVs affordable, and improvements in battery technology.
In the battery realm, lithium-ion batteries are the most popular and widely used battery technology due to their light weight, high energy density, and long lifespan.
However, despite these advancements in battery tech, existing Li-ion batteries have limited performance under low temperatures and fast charges. Their performance is also affected if the electrode is too thick, where multiple mass transport and interfacial kinetic effects need to be addressed simultaneously.
This results in design compromises that limit the use of batteries in areas that are challenging to electrify. This specifically applies to extreme environments and configurations where thermal management is not feasible.
This means improving lithium batteries requires addressing the trilemma between high-energy-density electrodes, low-temperature operation, and fast charging.
With this aim, engineers from the University of Michigan have introduced a strategy that enables extremely fast charging, up to 6C, at temperatures as low as −10°C. Fast charging at low temperatures promises to enhance EVs in cold climates.
The fast charging under sub-zero temperatures was achieved while maintaining >3mAh/cm2 electrode loadings.
For this, the team introduces a strategy that integrates three-dimensional electrode architectures with an artificial solid-electrolyte interface (SEI) using atomic layer deposition of a solid electrolyte (Li3BO3-Li2CO3).
This synergistic strategy can address interfacial and transport limitations under extreme conditions without harmful Li plating. Modifying the electrodes to enhance mass transport and interfacial kinetics increased their accessible capacity.
According to the study, published in Joule1, it provides fundamental insights into the dominant mechanisms that control lithium plating and capacity fade under low-temperature and fast-charge conditions.
Quick Charging for EVs in Cold Weather
The global EV adoption has been growing steadily since the 2010s. In 2020, electric cars had their big moment as registrations increased in major markets despite the COVID pandemic.
EVs had their record year in 2020, with more than 10 million of them running on the roads by the end of the year, with battery electric models driving the expansion.
Since then, electric cars have become even more popular, becoming a common sight on roadways. However, the rate of growth is now slowing.
According to a AAA consumer survey, the number of US adults who would be “likely” or “very likely” to buy a new or used EV dropped from 23% in 2023 to 18% in 2024. On top of that, 63% said that they would be “unlikely” or “very unlikely” to have their next vehicle purchase be an EV.
“Early adopters who wanted an EV already have one,” Greg Brannon, director of automotive research at AAA, noted last summer. “The remaining group of people who have yet to adopt EVs consider the practicality, cost, convenience, and ownership experience, and for some, those are big enough hurdles to keep them from making the jump to fully electric.” The interest is shifting to hybrids.
The shift is in part due to concerns over range drops in the winter and slower charging. In winter, batteries need to be warm enough for electrons to move, which means it can take half an hour to warm the battery and get it ready to charge. According to Neil Dasgupta, an associate professor of mechanical engineering and materials science and engineering at the U-M:
“Charging an EV battery takes 30 to 40 minutes even for aggressive fast charging, and that time increases to over an hour in the winter. This is the pain point we want to address.”
Studies have found that range loss can be anywhere from 10% to 36%. The thing is, in low temperatures, “pretty much anything that’s a chemical substance slows down.”
So, the U-M engineers developed a modified manufacturing process for EV batteries that could allow fast charging in freezing weather and high ranges. With these major problems solved, this process can further bolster electric car adoption.
“We envision this approach as something that EV battery manufacturers could adopt without major changes to existing factories. For the first time, we’ve shown a pathway to simultaneously achieve extreme fast charging at low temperatures, without sacrificing the energy density of the lithium-ion battery.”
– Study’s corresponding author, Dasgupta
By utilizing this novel manufacturing process, Li-ion EV batteries can charge up to 500% faster even at 14°F.
This strong performance is the result of a structure and coating that prevents the formation of lithium plating on the battery electrodes. Li plating is detrimental to batteries, hindering their performance through capacity fading and reduced cycle life. It can even be a potential safety hazard in the form of internal short circuits due to the formation of lithium dendrites.
By preventing the formation of Li plating, the modifications enabled the batteries to keep as much as 97% of their capacity, that is, even after being fast-charged 100 times at very cold temperatures.
Engineering a Battery with Better Speed, Range, & Cold Resistance
EV batteries store chemical energy and convert it into electrical energy. This conversion is driven by an electrochemical reaction that uses lithium-ion cells with an anode (negative electrode) and a cathode (positive electrode) separated by a separator and an electrolyte.
The electrolyte, a solution like a lithium salt, facilitates the transfer of ions between the cathode and anode. This ion movement drives the flow of electrons through an external circuit, creating electrical energy to power the connected device.
During the discharge, when the battery is in use, the anode releases Li ions to the cathode. When it is charging, meaning plugged into the power source, the cathode releases the lithium ions to the anode. In cold temperatures, the movement of ions slows down, reducing battery power and charging rate.
To extend an EV’s range, which is the distance it can travel on a single charge, carmakers have taken the approach of increasing electrode thickness. This has allowed automakers to offer longer drives before the need to charge again, but it also makes some of the lithium hard to access, which leads to slower charging and less power for a given battery weight.
The U-M team previously improved2 the battery’s charging capability by creating pathways in the anode, each 40 microns in size. The channels served as diffusion paths for rapid ionic transport.
For this, they showcased a laser-patterning process to produce 3D graphite anode architectures. Under that process, they blasted the graphite with lasers, which enabled the Li ions to find places to lodge faster. By striking deep within the electrode, they ensured more uniform charging.
When tested, their design showed capacity retention of 91% and 86% after 600 cycles of 4C and 6C charging, respectively. Their 3D anode design also allowed cells to access > 90% capacity during fast charging.
Despite considerably speeding up the charging at room temperature, the charging in cold temperatures remained inefficient. That was due to the chemical layer that forms on the electrode’s surface as a result of reacting with the electrolyte.
“That plating prevents the entire electrode from being charged, once again reducing the battery’s energy capacity.”
– Study co-author Manoj Jangid, who’s a senior research fellow in mechanical engineering at U-M.
The answer to this problem was to prevent the surface layer from forming, which was achieved by coating the battery with a material made of lithium borate-carbonate. The coating, which had a thickness of about 20 nm, accelerated the cold charging.
When this was combined with the channels, the test cells were found to charge 500% faster in subfreezing temperatures.
“By the synergy between the 3-D architectures and artificial interface, this work can simultaneously address the trilemma of fast charging at low temperature for long-range driving.”
– First author Tae Cho, a recent Ph.D. graduate in mechanical engineering
The subsequent work to develop a factory-ready process is being funded by the Michigan Economic Development Corporation.
The U-M engineering team has also applied for patent protection. Meanwhile, Arbor Battery Innovations—an entity in which both Dasgupta and the University have a financial interest—has licensed the channel technology and is now working to commercialize it.
Innovative Company
Ford Motor (F -3.79%)
Now, if we look at an innovative company in the world of batteries and EVs, Elon Musk’s $875.5 billion market cap Tesla (TSLA -7.27%) is the most prominent name, but it has been having a rough time. Its shares are down 32.6% YTD and trade at 261.23. The company that doesn’t pay any dividends also suffered a 13% decline in 1Q 2025 in its (336,681) vehicle deliveries from a year ago. During this quarter, Tesla faced boycotts, protests, and even criminal acts due to CEO Musk’s involvement in the Trump administration.
Then there’s the $7.1 bln market cap Albemarle Corporation (ALB -9.53%), one of the largest lithium producers and critical to the Lithium-Ion battery supply chain. ALB’s stocks are also down nearly 30% YTD, though it pays a dividend yield of 2.68%.
In the EV infrastructure, ChargePoint (CHPT -1.76%), which has a $273.3 million market cap, has also been facing a challenging environment. Its revenue has dropped, and its shares are down 44.25% YTD as they trade at $0.60.
So are there any companies that are actually doing good? Well, China-based BYD and CATL surely are.
The Chinese automaker and battery manufacturer is seeing substantial financial growth, reporting an annual revenue of $107 billion for 2024, which is a leapfrogging Tesla. “BYD has become an industry leader in every sector from batteries, electronics to new energy vehicles, breaking the dominance of foreign brands and reshaping the new landscape of the global market,” said BYD president Wang Chuanfu.
In 1Q25, meanwhile, BYD sold nearly a million passenger vehicles, a 58.7% increase from 1Q24. Just over 200K vehicles from these were exported overseas, a 110.5% increase from 1Q24. Even its shares are up a whopping 28.77% YTD as it trades at $43.78 while paying a dividend yield of 1%
Contemporary Amperex Technology Co., Limited (CATL) is another leading Chinese battery manufacturer that is poised to receive approval from the Hong Kong Stock Exchange for a $5 billion listing that will bolster its financial standing and support its expansion plans.
Outside of China, German automaker Volkswagen AG has also been making a lot of progress, reporting a 1.4% increase in its global deliveries to 2.13 million units in the first quarter of 2025. This jump is driven by growth in Europe and the Americas, while its deliveries in the China market declined by 7.1%. Still, operating profits are expected to be lower due to a decline in the US market over fears of a global recession. The company is also planning to hike prices after Trump’s 25% auto tariffs come into effect.
Coming back to the US market, here, Ford stands to gain market share as an American automobile manufacturer, which makes the vast majority of its cars domestically. Founded by Henry Ford in 1903, the company is well-positioned to benefit from President Trump’s plans. According to President Andrew Frick:
“We assemble more U.S. vehicles and we employ more U.S. hourly autoworkers than any other. We want to do more, not less, here in the U.S.”
The company recently launched a limited-time discount offer as part of the ‘From America, For America’ campaign to attract more buyers as other manufacturers hike prices to cover increased tariffs.
“We have the retail inventory to do this and a lot of choice for customers that need a vehicle,” Ford said in a statement, citing “uncertain times” and “complexities of a changing economy” as reasons behind the move.
Now, with a market cap of $37.7 billion, Ford shares, as of writing, are trading at $8.91, down only 4% this year so far. With that, its EPS (TTM) is 1.46, the P/E (TTM) ratio is 6.51, and the ROE (TTM) is 13.42%. It also pays an attractive dividend yield of 6.32%.
Ford Motor Company (F -3.79%)
For Q1 of 2025, Ford reported a 1.3% decline in its US sales to 501,291 units, driven by the discontinuation of some models.
This comes after Ford beat expectations for the fourth quarter of 2024, though CEO Jim Farley did forecast a tougher year ahead for the company, but improvements are promised in costs and quality.
For this year, Ford expects adjusted earnings before interest and taxes (EBIT) to be between $7 billion and $8.5 billion and adjusted free cash flow between $3.5 billion and $4.5 billion, presuming “headwinds related to market factors.”
For 2024, meanwhile, the company’s total revenue was $185 billion, net income was $5.9 billion, or $1.46 in earnings per share, and adjusted free cash flow was $6.7 billion.
Ford is also making significant strides in the EV market, with approximately 97,865 all-electric vehicles sold in 2024, a 35% YoY increase. Its hybrid sales jumped 40% to 187,426 units. In 1Q25, meanwhile, its EV sales hit a record 73,623. This 26% growth was led by hybrids, up 33%, and electric vehicles, up 12%.
Conclusion
Batteries, a critical component of EVs, have undergone significant improvement. However, battery technology still faces several challenges, such as high costs, material supply shortages, limited driving range, long charging times, lack of infrastructure, safety concerns, and proper recycling and waste management.
The latest study, with its stabilizing coating and microscale channels, is helping solve the trade-off between range and charging speed, even in frigid temperatures.
By significantly improving charging speeds, this study showcases the potential to remove one of the key obstacles in EV adoption: range anxiety and long charging times in winter. This can help accelerate not only EV usage but also the broader trend of electrification. However, the large-scale implementation of the process would require maintaining cost-effectiveness and safety.
Overall, as the industry pushes toward faster, more efficient, and safer batteries, innovations like this will help overcome the final hurdles to full electrification, leading to a greener and cleaner future.
Click here for a list of top EV stocks.
Studies Referenced:
1. Cho, T. H., Chen, Y., Liao, D. W., Kazyak, E., Penley, D., Jangid, M. K., & Dasgupta, N. P. (2025). Enabling 6C fast charging of Li-ion batteries at sub-zero temperatures via interface engineering and 3D architectures. Joule, Published online March 17, 2025. https://doi.org/10.1016/j.joule.2025.101881
2. Chen, K.-H., Namkoong, M. J., Goel, V., Yang, C., Kazemiabnavi, S., Mortuza, S. M., Kazyak, E., Mazumder, J., Thornton, K., Sakamoto, J., & Dasgupta, N. P. (2020). Efficient fast-charging of lithium-ion batteries enabled by laser-patterned three-dimensional graphite anode architectures. Journal of Power Sources, 471, 228475. https://doi.org/10.1016/j.jpowsour.2020.228475