Electric Vehicles News

Owning an Electric Car is 18% more expensive

Written by Kanad Kalasur

JD Power E-Vision Intelligence Report has gathered data over EV vehicle ownership over a 5-year period. According to the report, the ownership cost of a premium EV is US$ 287 more than its comparative ICE car. But, the report also says that this cost is significantly higher when it comes to mass market EVs. For instance, the findings state that a mass market EV is US$9,529 more expensive than its ICE counterpart in the aforementioned 5-year period. This means, EVs are 18 percent more expensive than conventional cars.

Mercedes-Benz EQB vs ICE

The report talks about the Mercedes-Benz EQB in the USA. Over a 5-year period, the costs of ownership total to around US$ 72,107. Meanwhile, a comparable ICE car will set back its owner by US$ 71,420 or just US$ 687 less. One of the reasons for this is that premium EVs are first introduced in the market as halo product offerings before mass-market EVs come in. Additionally, incase of premium EVs, dealerships are able to pass on the EV tax credit on vehicle leasing which further makes such electric vehicles more attractively priced.

Mass market EVs vs ICE vehicles

However, when it comes to mass market vehicles, the report highlights that an EV is infact much more expensive than the ICE counterpart. For example, the FOrd Mustang Mach-E when compared to a comparable ICE vehicle, is US$ 16,000 more expensive over a five-year period.

According to JD Power, carmakers should introduce EVs in the compact-SUV segment. Further, they will need to introduce more affordable models in the line-up to reduce the price parity of EVs and ICE vehicles.

BMW iX sold out in India

BMW India has announced that all the units allocated for the iX1 have been booked out on the launch day itself. The Bavarian carmaker has revealed that the electric SUV is sold-out for 2023.

The iX1 is nothing but the all-electric variant of the 3rd-gen X1. This is the fifth electric offering of BMW in India after the likes of i7, iX, i4 and Mini SE. BMW offers the iX1 in a single xDrive30 M Sport variant at a price of INR 66.90 lakh.

Also Read – VinFast electric SUV coming to India in April 2024?