Electric vehicles (EVs) are a great option to help save the environment and the cost of filling up oil, but EVs are expensive for most people compared to oil-powered cars, because of the manufacturing cost of EVs. According to an article published by Business Insider on January 7, 2024, EVs cost is still the biggest obstacle to consumers' consideration to change from gas-powered cars to EVs.
EV battery prices are falling but are still pricey due to manufacturing costs according to an article published by BloombergNEF on November 26, 2023 manufacturing in Asia is where most batteries are produced and they cost less than their counterparts in the US and Europe.
Battery replacement cost could reach $30,000 according to an article published by CityNews Vancouver on December 11, 2023. The cost of fixing an EV battery can reach $10,000 according to an article published by Scientific American on December 25, 2023.
Insurance cost is another challenge when it comes to EVs compared to oil-powered cars. Many insurers do not or are hesitant to offer insurance for EVs and the ones who offer insurance have high insurance costs due to EVs component's repair and replacement costs according to an article published by the Financial Times on October 25, 2023.
Long waits at charging stations have been a great frustration for EV drivers, especially in the winter. According to an article published by NBC News on January 18, 2024, winter is causing EV drivers trouble because of reduced range and spending several hours waiting for turns at charging stations and powering up.
EV runs on lithium batteries and chemical reactions which are slower to charge in cold temperatures. According to research from AAA published on July 7, 2019, the driving range is decreased by 41% when the temperature dips to 20 degrees and when the car’s heater or AC is on. Extreme heat also can cause the same problem for EVs.
The charging time for EVs like Tesla can be about 30 minutes and in extreme weather, it takes longer according to an article published by The New York Times on January 18, 2024. Sometimes in the winter, there will be many drivers waiting to charge their cars and while waiting in the charging station the EV battery can reach zero due to the long charging period which means the car will have to be towed.
Some companies decided to manufacture hybrid cars that combine traditional internal combustion engines with EV battery technologies such as the Toyota Prius and Ram 1500 Ramcharger. Hybrid electric vehicles (HEVS) are preferable to EVs due to cost, range anxiety, and lack of charging infrastructure according to an article published by CNBC on December 8, 2023.
There are expectations EV manufacturing is going to be cheaper in the future and the cost of buying an EV will be at parity with oil-powered cars and even cheaper in the long term. According to an article published by The Guardian on December 16, 2023, EVs are approaching petrol-powered cars in terms of cost and with lower battery prices that will help.
Edited by: Megha Siddapura Manjunatha
Image: CNBC News
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