High costs, dependence on critical materials and geopolitical instability: challenges to overcome for an effective electric car deployment, The future of electric cars: how to overcome the main obstacles for greater electric adoption
Although battery prices are falling, buying an electric car still represents a very high expense compared to cars with internal combustion. The currently very high cost is certainly one of the biggest obstacles to the diffusion of electric cars. This is due, in part, to the complexity of battery technology, which necessitates the use of extremely expensive materials like lithium, cobalt, and nickel. Furthermore, the installation and maintenance costs of recharge infrastructure may be high, further raising the overall cost to the user.
With the assistance of local governments through financial incentives for the purchase of electric vehicles, such as tax breaks and subsidies, the costs of electric vehicles are undoubtedly going to decline over time. This is based on the growth of global production and the ongoing study of technological research. All of this will increase consumers' accessibility to these vehicles.
The spread of recharge centers is another issue that can restrict sales of electric vehicles worldwide. Even while the installation of these infrastructures is ongoing in many parts of the world, their coverage is still restricted to many rural and remote areas. This may reduce the appeal of purchasing an electric vehicle for many consumers since they worry about using up all of their energy while commuting.
Also, the geopolitical scenario may have an impact on the spread of electric vehicles. As previously mentioned, the production of batteries requires materials that are concentrated in a small number of countries, such as the Congo for cobalt, Australia for nickel, and the Chile for lithium. This dependence on a small number of countries may lead to approval issues and drive up battery costs. In addition, political or social conflicts in these countries may result in delays in development, endangering the supply chain for batteries.
With worldwide production growth, technological innovation and pressure from governments to promote the adoption of electric vehicles, it is likely that in the near future the sales trend will increase and thus help solve the problem of pollution due to cars with combustion