Replacing an EV battery is cheaper than repairing a gasoline engine
Replacing an EV battery is cheaper than repairing a gasoline engine Many users are hesitant to use EVs due to the high cost of replacing an electric vehicle (EV) battery. Usually, after 8-10 years of use, the battery needs to be replaced, which can cost about the same as the price of the vehicle. This is why many consumers are satisfied with fuel-powered vehicles, despite their desires. Recurrent, a startup that provides EV and battery data, recently published a report showing that replacing an EV battery is cheaper than repairing a fuel-powered vehicle engine. The report claims that after 2030, the cost of batteries will be lower than repairing engines. “The price of metals such as lithium and cobalt is falling due to green inflation during the period 2020 to 2023, which has reduced the cost of batteries by almost 40 percent,” the report reads. That is, the startup made this prediction after analyzing the situation where the price of battery packs suitable for EVs is falling and ...