BLUF

The batteries used in Electric Vehicles (EV) have limitations. As a result, scientists are exploring lithium iron phosphate batteries that are much cheaper to manufacture, safer, and can charge quickly.

Summary

Lithium-ion batteries are the most prevalent rechargeable battery. Advantages over lead-acid batteries;
  • More efficient.
  • Three times the life.
  • Store more energy.
  • Lighter, meaning a vehicle needs less energy to move.
But as demand for batteries increases, the price of Lithium will increase. Lithium though not particularly rare, is relatively difficult to extract.   From Australia's perspective worth noting the following recent article from the ABC:
Scientists are studying how to get more use out of current batteries and to recycle Lithium on a massive scale. Sodium-ion batteries are potential alternatives to Lithium due to their lower cost. However, sodium is heavier and stores less energy. Further into the future are multivalent batteries. However,  building electric cars at a competitive price to fossil-fuelled alternatives is a significant challenge.