Why are electric car batteries more expensive than gasoline car batteries? Can this price be brought down?
A normal car uses a lead acid battery while an electric car uses a lithium ion battery which accounts for the disparity in price. The Lithium ion battery is more expensive and packs more power compared to a normal battery which is a necessity to operate Electric Vehicles.
But the comparison of batteries of an electric car to that of a gasoline car is unfair in my opinion since the functions performed by both of them are wildly different. While in a traditional car the battery is used only to start the engine and maintain the electrical circuits, the battery of an Electric Vehicle is the main power source of the car. In fact the battery’s functions in an EV are similar to that of the engine of a car.
It’s true that the cost of these batteries is extremely high at the moment, but the cost is already showing a downward trend. Cutting edge research is happening at all the top technical institutes in the world to solve this problem.
https://data.bloomberglp.com/professional/sites/24/Capture2.jpg (Graphic representing drop in price of batteries)
But still, in my opinion buying an EV represents great value for money for most. Admittedly the one time cost while buying an EV is higher but according to several credible sources the running cost of an EV is between 15-20% of that of a comparable petrol powered car which is amazing to say the least.