The electric car is now on trend. People around the world are now hyped about it. Various companies are now coming up with a new model of EVs. Unfortunately, they are usually more expensive than other cars in the market. There are many reasons behind that, some of which are explained below.
Batteries are expensive
One of the main features of an EV is that they have special batteries. Those batteries are built differently than other models. Also, they are known as Lithium-ion batteries which can hold more electrical energy than other batteries. Although they are very efficient and sustainable, they are expensive. Due to their material and other processes, the price of the car adds up.
Luxury and Performance
If you buy an Electric vehicle, you can enjoy luxury and quality performance at the same time. Electric vehicle companies make sure that people get the most out of it. Also, they try to provide the utmost comfort for the clients. These processes make the price of the car a bit more expensive than other cars.
Cars got expensive
After the economic downfall, the price of everything went up. Simple parts of cars got very pricey. So, after assembling a car, they get more expensive. When normal SUVs are getting out of hand, it is common for the SUVs would get more expensive. Also, companies are now investing more in their innovation, which makes it out of reach for many people.
Many car companies want to keep their name and tradition. That’s why when they started producing EVs, the price point was set in a manner that only a handful of people can afford. Also, companies want to invest in their innovation. To do so, they set the price in a way that they always have enough backup when they need it.