With the advent of EVs, the age of fossil fuels is coming to an end. With the pace at which electric cars are being introduced worldwide, it seems that cars that use hydrocarbons as fuel would become obsolete within a few decades.
The road to the complete shift to zero carbon emission vehicles is a long one. One of the major hurdles in this transformation is the cost of electric vehicles. As was the case with nearly every new technology, adoption is slow due to the immense costs that go into the mass production of electric vehicles. The technology that makes EVs a possibility is fairly new and requires further research and development to overcome the hardware costs.
At the core of EV’s functionality are the batteries, which account for approximately one-third of the total cost of the car. The main reason for this huge chunk of the overall cost is that batteries are made from rare earth minerals such as Lithium, Cobalt, and Manganese. The major players in the EV industry are finding new ways to make their batteries cheaper. For example, Nickel is being used as a replacement for Cobalt because it’s both less expensive and holds more energy than Cobalt. EV battery prices have been steadily decreasing over time, and with continued innovation, they are expected to go down even further.
The cheapest EV currently available for booking in the US market is the 2022 Nissan LEAF. Nissan has released the new Nissan LEAF. This model has gained additional standard features and charging capability but is about $4,000-$6,500 cheaper than last year’s models. The starting price for the 2022 Nissan Leaf is $28,375 for the basic trim variant. This car is a boon for EV enthusiasts who are tired of paying more with less. The 2022 Nissan leaf offers great price reductions with an increased range while maintaining its sleek design.
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