At a time when the Covid-19 pandemic continues to decimate the global transport sector, the EV trajectory has remained incredibly bullish. S&P Global has reported that global EV sales expanded an eye-popping 43% in 2020 to reach 3.24 million units. In sharp contrast, global light vehicle sales are estimated to have tanked 20% last year, with sales in the United States declining 14.7% to 14.5M units, the lowest level since 2012 . Yet, despite the robust growth, only 4.2 of 100 new vehicles sold last year worldwide were of the electric type. Whereas many buyers cite sustainability and environmental concerns as some of the most compelling reasons for switching to an electric vehicle, high initial costs of EVs still act as a leading deterrent . EVs’ higher sticker price can primarily be blamed on expensive batteries, bearing in mind that powertrain costs make up ~70% of an EV’s initial […]