Most of the renowned car manufacturers are entering the segment of electric cars. This is mainly because of two reasons. The first one is that electric cars are more environment friendly, when compare to traditional fuel powered vehicles. The second reason is that there is a growing trend among people towards electric cars. Even if electric cars are cost-effective and fuel-efficient, their price is very high compared to conventional cars with similar features. Below shared are some of the important factors that contribute to the higher price of electric cars.
Price Of The Components
The components used in electric vehicles and conventional cars are different. To substitute a fuel powered engine, electric cars use motors and batteries. Instead of normal lead acid batteries used in vehicles, electric cars use lithium ion cells. This is to store more energy for the smooth running of the vehicle. Even if these batteries are expensive, its maintenance cost is very low compared to normal batteries.
Even if electric cars are fuel efficient, the number of people using electric cars is very low compared to the users of conventional cars. Therefore, the number of electric cars produced by the manufacturers is very low. When a manufacturer is producing anything less than its optimum limit, the cost of production per unit will increase. For this reason, they are forced to increase the price of the product. Lack of availability of the components used in electric cars is also adding to the production cost of electric vehicles.
Another factor adding to the higher cost of electric vehicles is their quality and features. Electric cars are built making use of the latest technologies. Moreover, to increase customer satisfaction, most of these cars are equipped with user-friendly control panels. In addition to that, electric cars are equipped with very efficient safety features. All these add to the price of an electric car. The manufacturers are not willing to compromise the premium quality because these features are attracting more people to this segment.
As there is a rise in the number of users of electric cars, the manufacturers are producing more units and so the price of electric cars is expected to decrease in the near future. We can safely assume that electric cars are the future of transportation technology.