Science keeps marring the halo of EVs

The EV industry has begun acknowledging the reality of transport electrification

There’s hardly anyone left unaware that electric vehicles are a big bet in the energy transition, one of the biggest, in fact. Until recently, the electrification of transport was largely seen as a done deal, a matter only of time and nothing else because Costs Are Falling. Recently, however, there have been some worrying media reports about EVs, suggesting that the electrification of transport is quite far from a done deal.

Take this report by The Telegraph, for instance: Electric car production slows as drivers opt for cheaper models. What happened to the falling costs, one might wonder here. Why are electric cars more expensive when everyone was saying they’re getting cheaper and cheaper, one might also ask if they are by nature inquisitive.

Indeed, the falling-costs narrative surrounding EVs like a bright halo for years has crumbled under the weight of price inflation in virtually all raw materials necessary to make an EV. That’s not news, it’s a trend. But there’s more. There’s always more and this time it might be even worse than prices.