Despite the push for greener forms of transport and a pledge of a net-zero future by 2050, it's considerably more expensive to buy an Electric Car, than it is petrol or diesel. And there are several reasons why electric cars are still so expensive.
The first is that there’s no economy of scale. While manufacturers have been making cars powered by internal combustion engines for over 100 years, mass-produced electric cars are still relatively new. There are also fewer factories able to make the specialised components.
The costliest part of the electric car is the battery and worldwide shortages of lithium (an essential element in lithium-ion batteries) have driven prices higher. Between 2020 and 2023 there was also a shortage of semiconductors (essential in these high-tech cars) caused by the COVID pandemic. Added to this was extreme weather in Taiwan and the China-USA trade war, which pushed up prices even further.
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