The main barrier to widespread EV adoption, from a car buyer’s standpoint, is a very simple one: they cost more to buy than legacy vehicles.
The costs of producing EVs could drop drastically over the next few years, and given the competitive nature of the auto industry, automakers are likely to pass on much of the savings to buyers by lowering prices. The main reason for the steadily shrinking cost of an EV can be found in its batteries. Battery costs have been on a steady downward trajectory ever since the advent of modern EVs, thanks to improvements in the technology, along with economies of scale resulting from higher production volumes.
