I bet you do not know anyone with a moderately used EV with more than five years. If I'm right wait a bit before try so sure conclusion.
I know few people with few not-so-new EVs (Renault ZE series most of them) and hear their practical experience outside marketing. No one of them is willing to buy an EV again.
I have one. I haven't lost a SINGLE capacity bar after 3 years (first year saw really heavy usage with multiple quick charges a week). Unless it decides to self-destruct after 5 years, I would expect it to last a while.
Yes, they lose maximum capacity over time. Very slowly. They still work. This is not a phone or laptop.
As I write before I say most of them are on Renault, But one is on a Tesla. This last one essentially stop using it because it's too large for him in city and it can't use it because of reduced range to go to it's country house or on mountains to ski without recharge...
The problem, beside battery life, Renault ZE have and nobody like to recall it in marketing is 85 euro/month fee for battery (mandatory) rental.
BTW battery tech is the very same of phones, laptop, cordless drill etc, any other devices that use lithium ion battery. Only very few vendors offer other option that last even less than Li-Ion battery.
Anyway, with Michigan's $0.15/kwh electricity and a climate that's either way too hot or way too cold, the break-even point for electric vs. gas is about $1.90 a gallon ... so at least for now (with gas below the break-even point), it doesn't hurt so bad that the battery capacity is so low.
All EVs are only capable of running on electricity for a limited distance and limited speed. Eventually they all run out.
IMO an electric vehicle is a vehicle capable of run with electrical motor's in any condition. So a modern hybrid-series ship is actually electrical because it's propulsion is electric only, parallel-hybrid vehicle are not electrical since they can't really work only on electrical motors except for limited usage.
More importantly, phevs with an ev mode that are intended to be driven as an ev for a significant portion of their miles are devalued by battery degradation in a similar way to pure evs (because of you pay all the cash for the expensive phev systems,you don't plan to be forced to use it as a plain hybrid).
I have a Chevy Volt from 2013. Bought it used. It's now six years old and has nearly 60k miles on it -- 75% of those on EV-only miles. I have almost no decrease in range or capacity. (It was EPA rated to 35 miles range off the lot. I got a real world 30 miles range yesterday, in below-freezing weather with aggressive snow tires on it, in a Michigan winter. When the weather warms up, it will go right back to 35 miles, just like it did last summer).
I'm never buying a gasoline car ever again. I'll buy Volts until they can't be found, and then I'll probably switch to a Bolt or equivalent.
The trick is to buy a well-designed, thermally managed battery. If you are lazy about thermals, the battery will kill itself. (See the original Nissan Leafs, anything from Ford, etc). But that has nothing to do with EV battery tech viability, and everything to do with car companies being lazy or cheap.
A properly designed EV battery will easily last over 10 years and over 100,000 miles. We have lots of examples of this (from Tesla, Chevy, and others) to prove it.
The probem for me is, that's on the young end of the sort of cars I'm interested in buying. The newest car I own is a 13 years old Honda that has 190,000 miles.