Electric vehicles represent a significant shift in the automotive industry, offering a sustainable alternative to traditional internal combustion engines. Then Why electric vehicle is expensive?

The high upfront cost of EVs is a major barrier to their widespread adoption. The expense is primarily due to the cost of the lithium-ion batteries, which are the heart of any EV. Additionally, the limited charging infrastructure and the higher price of electricity compared to fossil fuels in some regions further add to the cost.

Despite these challenges, the potential environmental benefits make EVs an important part of our future transportation landscape.

The main reasons for electric vehicles to be expensive are:-

• Electric vehicles have complex and sophisticated systems that require careful design, manufacturing, and testing. If there are any defects, errors, or inconsistencies in the battery or the vehicle, they can compromise the safety and performance of the electric vehicle and increase the risk of fire.
• Electric vehicles are still somewhat new to the car market, and because of this, a premium price is in demand. Car manufacturers try to recoup some of the billions they’ve spent on research and development. Batteries are expensive to produce and take up a lot of space in the car, and a lack of consumer demand are all factors that make them more costly.
• Electric vehicles have higher manufacturing costs than conventional vehicles, as they require more advanced and specialized equipment, materials, and labor. For example, electric motors, power electronics, and thermal management systems are more complex and costly than internal combustion engines, transmissions, and exhaust systems.
• Electric vehicles have lower economies of scale than conventional vehicles, as they have a smaller and less mature market share. This means that electric vehicle manufacturers and suppliers cannot benefit from the cost reductions and efficiencies that come from mass production and distribution. Electric vehicles also face more competition from other technologies and players, such as hybrid, hydrogen, and biofuel vehicles.
• Electric vehicles have higher taxes and fees than conventional vehicles, depending on the country and region. Some governments impose higher import duties, registration fees, road taxes, or congestion charges on electric vehicles to offset the lower fuel taxes or to discourage the use of private vehicles. Electric vehicles may also have lower resale values than conventional vehicles, due to the depreciation of the battery and the uncertainty of future demand.

But we cannot neglect the future, where electric vehicle prices may go down, and they may become cheaper over the time period with technology improvement and production scaling up. The EV price may also vary due to its dependency on the model, brand, and market.

Sources:- carsguide, carplus, Hindustantimes, electric cars so expensive, cars of electric