EV sales growth hindered by infrastructure and costs

A top executive at LG Energy Solution has said that many challenges are slowing down the adoption of electric vehicles (EVs) in the U.S. Bob Lee shared his insights during a meeting in Michigan. He pointed out that improvements in battery technology, charging infrastructure, product variety, and government support are all crucial for increasing EV sales. Currently, EV sales are not growing as quickly as many automakers had hoped. Some companies predicted that EVs would make up 50% to 100% of their sales by the early 2030s, which Lee described as unrealistic. He suggested that the slowdown is just a temporary phase in adopting new technology. A recent study by the Capgemini Research Institute supports Lee's points. It highlights the need for a strong charging infrastructure and suggests that standardizing battery cells could help the industry. The study reveals that many companies are exploring battery-swapping options and leasing batteries instead of selling them. Another concern is the long time needed to build large battery factories. Lee mentioned that while current battery ranges are sufficient for daily use, charging options for long drives are lacking. There are also compatibility issues, with some EVs not being charged at public stations. Lee noted that while solid-state batteries could be a breakthrough, LG is focusing on alternative battery chemistry to make electric cars more affordable. He highlighted the average price of an EV is currently around $56,000, which is higher than the price of traditional vehicles. Despite these challenges, Lee remains optimistic about the future of EVs and believes there will be steady growth over time. He acknowledged that tariffs on imports could present additional roadblocks but sees the potential for continued progress in the EV market.