Challenges in EV adoption: high costs
Electric vehicles (EVs) primarily rely on batteries. While their sales are increasing, they currently represent only a single-digit percentage of total car sales.[1]
For EVs to become more widely adopted, both the cost of vehicles and the performance of their batteries must improve significantly in the coming years.
Key factors include reducing battery costs, developing technology based on abundant materials, enhancing battery weight-to-range ratios, enabling faster charging, and improving recycling options. Investments are focused on creating affordable, lightweight, and fast-charging batteries that can compete with gasoline-powered cars. Many consider advancements in battery technology as a key factor in achieving a carbon-neutral economy powered by renewable energy sources such as sunlight and wind.