EVs do not make financial sense yet. They barely make sense for environmental protection. While using EVs is arguably better for the environment, their manufacture is more environmentally damaging than that of combustion engine vehicles.

Their Manufacture Is More Environmentally Damaging

EVs are more expensive to produce, maintain, repair and operate. The poor resale value is one of the main reasons for the higher overall cost to the user over the entire vehicle ownership. People don't want old EVs. The technology is moving fast and people worry that the older models are potentially more expensive to repair than buying new. EV value drops off a cliff compared to most combustion powered cars, where there is a predictable steady decline.

Investors Are Not That Interested Really

Charging facilities are being developed at a snails pace. This is a reflection of investor interest. If there was money in charging stations, there would be a gold rush of development. New companies would spring up as investors looked to get in on the deal. Journalists would be talking about the EV bubble, like they did in the noughties with the dot com bubble. Instead, there is currently limited excitement surrounding EVs and absolutely no excitement about charging stations.

Range Anxiety Is A Thing

There are other problems. Vehicle driving ranges are often well below that advertised by the manufacturers and as the battery ages, the range will only get worse.

Things are Supposed To Be Faster In The Future

The time taken to recharge make EVs a bad choice for many as a practical work vehicle, especially if work involves long journeys or regular shorter journeys. This is made even worse in countries that are very hot or very cold. Changing the temperature inside the vehicle uses a lot of battery power, greatly reducing the range.

Sure the technology is improving and there is no doubt that all these problems will be solved one day. But right now, the market for these products is limited and many who were considering an EV are shelving the idea for now.

Tesla will need unrealistic leap in sales if they are to meet their goal of 30 million cars per year by 2030. Sales have dramatically slowed in 2024.

BYD car sales are sky-rocketing. They are definitely a major brand of the future. Perhaps outselling VW and then Toyota.

About The Author
Markus Woznica
Chewells Contributor

Markus is a renewable energy expert. The technology in this sector is changing fast. There is a... »

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Replies

• W Marsh (Mar 7, 2024)
  I know people that have jumped on the bandwagon but regret it.
• Richard Johnson (Mar 7, 2024)
  In theory nearly everyone likes the idea of electric cars. In practice though, the reality doesn't work.

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