Why Are Electric Cars So Expensive?

EVs (Electric vehicles) are revolutionizing the industry of vehicles as they're touted to be a good alternative to gasoline cars. With the incredible vehicular emissions, electric vehicles are shaping the best route for a greener and cleaner future. But here, there's a hurdle to be smoothly dealt with, and that is the cost of electric cars!

Electric vehicles are undeniably more efficient than fuel-burners, but still, they need a lot of energy. And yes, the batteries, which should be heavy and big to offer a nice driving range to an EV, usually do the task … but at a higher cost.

Reasons why electric vehicles are highly expensive?

To comprehend the cost difference between a traditional and electric car, firstly, we have to know the battery-powered vehicle's basic working principle. In reality, electric vehicles are mostly simpler than their conventional counterparts.

Furthermore, the absence of an International combustion engine & several other components takes away the factor of complexity in better electric vehicles.

Below points will provide you with a complete picture of why they are expensive to purchase:

• The EV typically consists of three components that are the transmission, the electric motor, and mainly the battery back.
• One of these components, the most expensive factor, is the battery pack. Yes, the high increase in the prices of BEV (Battery Electric Vehicles) is the battery itself, which sometimes becomes highly critical to gain or store.
• Battery-powered automobiles currently use superb lithium-ion technology. Your gadgets, like tablets, laptops, etc., mostly utilize such batteries.
• When it comes to eco-friendly cars, it is much larger in size & the usage cycle also takes a huge leap.

Now, the next question would be sure why the lithium-ion batteries are too much expensive? Well, it is because of the fundamental materials needed for the manufacturing of such batteries.

Below are the top reasons behind the high prices of EV batteries:

• The batteries of Electronic Vehicles need some rare metals like nickel, cobalt, and lithium, which aren't available readily.
• The metals need to be processed and mined to be perfectly used in the batteries of EVs.
• The pack of batteries usually accounts for about 30 to 40 percent cost of an electric car.

Other factors affecting the EV price

It is not just that batteries are the ones that bump up the cost of electric cars. Many other factors also play an important role to contribute in making EVs highly expensive than other combustion-engine automobiles.

Here are some essential factors that play a huge part in making the battery cars expensive to purchase:

Development and research

The manufacturers of automobiles invest lots of money and time in the development and research of an EV. Every component has to be particularly designed for a specific vehicle, from the wheels to the battery pack. Thus, the automakers tend to boost the cost to offset the costs of manufacturing.

Top-notch technology

Electronic vehicle working mechanisms might be simple than conventional cars. Anyhow, the technology that directly goes into making the car is complex and high-end.

Lack of skilled or expert personnel

The technology of electric vehicles is undoubtedly in an evolving phase. Therefore, there's a pack of highly qualified experts needed for the manufacturing of these vehicles. Plus, it indirectly affects the cost of the overall battery-powered automobile. The lack of professional mechanics to efficiently repair such cars makes the eco-friendly gadget expensive.

When will electric cars become cheaper?

For the past decade, generous Government grants have been there for electric cars to encourage the uptake of EVs while purchase costs remain extremely high. These incentives are gradually being removed, which means that we're near the point of all-important cost parity with diesel and petrol cars.

But the good news is that the EV batteries are already on their way to the future, with manufacturers and researchers experimenting with lithium iron phosphate, sodium iron, and lithium-sulfur batteries to reduce expensive metals such as lithium nickel and cobalt.

With the continuously evolving technologies of the battery, do not be amazed if they become highly affordable and reasonable a few years down the lane.

Conclusion

Many automobile brands work towards creating new technologies that'll make the vehicles much more affordable. However, you can't hide that all eco-friendly cars have a comparatively lower maintenance/running coat than diesel/petrol cars.

That means that you will make up for the beginning investment in the long run by saving on the maintenance or running prices. Wrap it up, Electric vehicles and even Electric Bikes might come at a supreme price, but their incredible benefits still make them worth the money anyway.

With this enlightening guide, we hope you'll get complete information on why electric cars are pretty expensive!!

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