Business View Magazine | Volume 8, Issue 7

73 BUSINESS VIEW MAGAZINE VOLUME 8, ISSUE 7 Long road to sustainability While progress is being made, electric cars currently make up 1% of the global fleet. And significant barriers to the wholesale adoption of EVs remain, the report says. Insufficient charging infrastructure continues to prevent wider use, as does the low supply of appropriate electric vehicles in many sectors, such as heavy industry. Despite falling battery costs, rising vehicle production to meet demand, and the promise of savings over the lifetime of an EV from lower fuel and maintenance costs, upfront prices remain prohibitive for some. On the supply side, there are also challenges related to the poor sustainability levels associated with EV batteries: the sourcing of raw materials is frequently concentrated in a few developing countries that are often politically volatile and economically fragile. A related concern is around recyclability. EV THE FUTURE OF ELECTR I C VEHI CLES