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Why are Electric Vehicles (EVs) so Expensive?

What are Electric Vehicles (EVs)

Electric vehicles have minimal operating expenses since they have fewer moving parts to maintain, and they are also very eco-friendly because they consume little or no fossil fuels (petrol or diesel).

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While some Electric Vehicles employed lead acid or nickel metal hydride batteries, lithium ion batteries are currently the standard for modern battery electric vehicles since they have a longer lifespan and are better at retaining energy, with a self discharge rate of only 5% per month.

Despite this increased efficiency, there are still issues with these batteries used in Electric Vehicles, since they are susceptible to thermal runaway, which has resulted in fires or explosions in different branded cars despite efforts to improve battery safety.

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Why are Electric Vehicles so Expensive?

Buying an electric vehicle is not inexpensive. The battery is the most expensive part of buying an electric car instead of a regular one. It can make a difference of thousands of euros on its own.

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The raw materials utilized in the battery, as well as the costly processes involved in battery production, are important causes for this. The cost of the battery system for a mid-size car with a battery capacity of 20kW is around 500 euros per kWh, bringing the total cost to 10,000 euros (Rs 2,000,000).

By 2020, innovative battery materials with increased energy densities, as well as improved manufacturing processes, might significantly reduce these costs of the Electric Vehicles.

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The cost per kWh is estimated to be between Rs.20000 and Rs.50000. If we assume a reliable and economical energy source, the greater initial cost of electric cars is largely offset by the elimination of fuel expenditures.

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