Several countries around the world are scrambling to replace their fossil-fuel-powered fleets with zero-emission electric vehicles (“EVs”) in a bid to halt runaway global warming before it’s too late. Unfortunately, electric vehicles made up just 3% of all vehicles purchased in 2020, and the path to mass EV adoption is still plagued with a number of obstacles. The chief hindrance to mass EV adoption is price, with most electronic vehicle models costing much more than the average consumer can afford.
However, industry projections say battery electric vehicles (“BEVs”) will become as affordable as internal-combustion engine (“ICE”) vehicles in the next decade, thanks to falling battery prices. Unlike traditional cars, EVs are powered by a rechargeable lithium-ion battery instead of a combustion engine. Since it is essentially the vehicle’s powerhouse, an EV battery…
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