why electric cars are bad for the economy?

Introduction

This is the tech era, almost every day new things are discovered. these discoveries can be in the favor of mankind and the environment or vice-versa or both. In this race, we cannot forget the electric cars. yes, electric cars are better options than conventional cars as they are environmentally friendly. Electric cars also have two sides like a coin. Here we are going to talk about why electric cars are bad for the economy. 

so, please read the full article to know about this topic.

Electric cars are displacing human jobs.

The manufacturing process of EVs is different from that of conventional cars. It requires fewer parts and workers to assemble it. And that's how it is mugging up the human jobs. But the fact is change can't be stopped, jobs were also lost when we switched from horses to cars, and also when computers came into the picture. 

 

How are electric cars affecting the oil industry? 

As EVs do not require oil to run. It places a threat to the oil industry. Currently, the share of EVs in transportation is not so significant, But this can't be the same in the future too. According to the International  Energy Agency (IEA) transportation consumes 60% of the global energy consumption. Imagine if in the future conventional vehicles are completely switched up by EVs. 

Reduction in government tax revenue

In many countries, like India electric cars are exempted from paying road taxes as they do not emit harmful gases. This switch from conventional cars to electric cars has reduced the government tax revenue. But think if all the conventional vehicles are switched to electric vehicles, would they still be exempted from paying tax? the answer will be no because they also use the government infrastructure to run and the government needs money to build more in the future. But in the current scenario, the share of electric vehicles in transportation is very low, so the government has exempted them from paying tax indirectly government is encouraging people to buy EVs so that the environment will be less polluted. 

Expensive prices make it less buy

The EV batteries are very costly as they have to support cars to run for a long time they should have to be strong. It's not a surprise if the cost of batteries touches lakhs.  Second is the exterior of the car which also helps to hike the price of electric cars. But in the future, if this technology grows more companies will invest in this technology and its price may come down. 

Use of rare earth metal

The magnetic material used in electric cars relies greatly on rare earth metals like neodymium and dysprosium. These rare earth metals are expensive and they also produce a lot of waste. The distribution of rare earth metals is geographically restricted mainly in China. Back in the year when China stopped its export, the price of neodymium and dysprosium rose to 750% and 2000% respectively.

Second is the working hazard in the mines, the ores containing these rare earth metals are radioactive or carcinogenic, which can have very harmful effects on the mine workers. 

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