Electric cars are significantly more expensive to buy than petrol or diesel, despite the push for greener transport and the promise of a net-zero future by 2050. There are several reasons for this.
One reason is the lack of economies of scale. Manufacturers have been producing cars with internal combustion engines for over 100 years, but mass-produced electric cars are still relatively new. This means fewer factories can manufacture specialized components.
The most expensive part of an electric car is the battery, and a global shortage of lithium (an essential element in lithium-ion batteries) has driven up prices. Additionally, a semiconductor shortage, essential for these high-tech cars, caused by the coronavirus pandemic between 2020 and 2023. Abnormal weather in Taiwan and the US-China trade war have also contributed to rising prices.
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