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The featured section of Learn Electric Cars contains all those posts which are created by the editorial team along with their opinions and views.

High Costs and Range Anxiety Major Reasons Against EV Sales

Range Anxiety and High Costs Prime Reasons Against EV Sales

A new poll interacts with 6,265 people to discuss their views on owning EVs, along with challenges associated with it. As per the latest survey, potential EV owners highlight range anxiety and high initial costs as top reasons for the reluctance to purchase an electric car. This poll was conducted by The Associated Press-NORC Center for Public Affairs Research and the Energy Policy Institute at the University of Chicago. Interestingly, the results resemble the concerns of people from last year. It brings forth the challenges in front of President Biden’s plans to boost EV sales. This poll even suggests that people are still more likely to consider plug-in hybrids. You might also like: Average Gas Cars More Expensive Than Long-Range EVs – Study Range Anxiety and High Costs Stand Against EV Sales The survey shows that only 9% of participants currently own an electric. However, 13% own or lease a gas-hybrid vehicle. Moreover, about 4 in 10 U.S. adults say they would be at least somewhat likely to buy an EV the next time they buy a car. On the other hand, 46% say they are not too likely or not at all likely to purchase one. Note that the Environmental Protection Agency requires that about 56% of all new vehicle sales be electric by 2032, as per the new rule. In addition, at least 13% must be plug-in hybrids or other partially electric cars. The possibility of young people buying an EV is higher than those over 45. Only 21% of U.S. adults say they are “very” or “extremely” likely to buy an EV as their next car. The major reasons for people not as into EVs as anticipated include range anxiety and high initial costs. We know that the average price for a new electric car in the U.S. was $52,314 in February, as per Kelley Blue Book. While this is 12.8% lower than last year, it is still higher than the average price of all new vehicles, $47,244. Due to this reason, 6 out of 10 adults cite cost as the prime reason why they would not opt for an EV as their next car. One of the participants of this survey, Caleb Jud from Cincinnati, is leaning towards buying a plug-in hybrid instead of an EV. He states, “The thought of getting stuck in the driveway with an EV that won’t run is worrisome, and I know it wouldn’t be an issue with a plug-in hybrid.” This is in reference to the performance of electric car batteries in cold weather conditions. Also, people not living close to a charging station cite it as a major hurdle preventing them from contemplating an EV. You might also like: Jeep Plans To Increase Its PHEV Sales By 50% In 2024 Learn Electric Cars Says Even though EV sales have been rising rapidly and the costs of Lithium-ion batteries are coming down steadily, regular folks still don’t buy into the idea of purchasing an electric car. We must understand that the initial wave of EVs was driven by the relatively affluent people in society everywhere across the globe. That is why sales have risen so rapidly in the last few years. However, we are at a point where a slowdown is expected. This is particularly true for the largest markets including the U.S., China and Europe. To bring new buyers on board, affordable mass-market EVs are the need of the hour. On top of that, rapid development of charging infrastructure is imperative. The government subsidies and incentives are already in place. All these factors need to combine to result in a boost in EV sales going forward. We see many carmakers working in this direction. Affordable EVs are the next big target for legacy, as well as new carmakers to spur demand.

Long-Range EVs More Affordable Than Gas Cars

Average Gas Cars More Expensive Than Long-Range EVs – Study

The study claims that long-range EVs have become more affordable than average gas cars. A Bloomberg study finds that the average new gas cars in the U.S. is more expensive than new long-range EVs. Long range, here, implies an electric car with a range of over 300 miles (483 km). In a certain manner, 300 miles has become a benchmark as to what potential EV owners and carmakers are aiming for in a ‘regular’ electric vehicle. As range anxiety remains a prevalent issue, new EV buyers look at this figure as a somewhat acceptable range. That is the reason why we see multiple variants of an EV – Standard, Long Range and Performance. You might also like: VW Confirms An Affordable €20,000 Entry-Level EV For 2027 Average Gas Cars More Expensive Than EVs As per this report, the national average cost of a new gas car in the U.S. is around $47,000. Hence, there are a few key EVs which are priced below this mark from top carmakers in the world. These include electric cars from Tesla, Hyundai-Kia and General Motors. For instance, the 2024 Hyundai Ioniq 6 offers a range of an attractive 361 miles (581 km) on a single charge. Its SE trim has a retail sticker of $42,450 before taxes and fees. Similarly, the Tesla Model Y starts at just $44,900 before taxes and fees. It boasts a range of 320 miles (515 km) on a single charge. Interestingly, if we take into consideration the federal tax credit of $7,500, these prices can drop further significantly. Finally, the new Chevy Equinox EV in its 2LT variant costs $42,000. With the tax credit, it would dip even below $35,000. However, things could really get exciting once the 1LT version launches later in the year. It will have a price tag of a mere $33,600 before taxes and fees. It will let the users drive for 319 miles (513 km) as per EPA. Therefore, we can reasonably conclude that the future is certainly pointing in the direction where EVs would be much closer to regular cars in terms of pricing. Now, I understand that some of you might consider this too microscopic an analysis and I agree. But we have to start from somewhere. I must also mention here that, in general, EVs are still around 15% more expensive than gas cars. This is confirmed by a report from Cox Automotive. Clearly, carmakers need to come up with many more affordable EVs for the masses. The good news is that they are already working towards this. For instance, the CEO of Stellantis, Carlos Tavares said, “Affordability is the key success factor right now. If you want the scale to materialize, you need to be selling BEVs to the middle classes. It’s not ‘Watch out, there is a storm coming, and we are in the storm, and this storm is going to last a few years. It’s going to put a number of companies in trouble.” He remarked about the need to come up with affordable EVs for the mass market and the upcoming $25,000 electric Jeep will be crucial in that strategy. You might also like: Young Americans Open To Chinese EVs Despite 100% Tariffs – Study Learn Electric Cars Says As this initial wave of EVs slowed down a little, the early adopters were definitely the most affluent personalities, for the most part. However, in order to make EVs widely popular, the contribution of the masses is a must. That is what we see with major carmakers including the likes of Hyundai-Kia, Ford, GM, Volkswagen Group, Tesla, Stellantis, etc. We already know how successful budget Chinese EVs have been in China and Europe. The future of electric mobility, I feel, definitely belongs to affordable EVs and mass markets. As the EV wave spreads its roots across emerging nations, the need for compact and inexpensive electric cars is apparent. I must also add that the costs of components like lithium-ion batteries are going down as well. The technology is becoming more and more sophisticated. Hence, we must brace ourselves for the onslaught by affordable electric cars in the immediate future.

Tesla Model S Ownership Experience Mileage with Singe Battery

This Tesla Model S Has Done 666,666 km With Single Battery

The long-term ownership experiences of EVs in general, are not all that easily available. I came across a video online where the owner of a Tesla Model S was being interviewed regarding an achievement of having completed 666,666 km (~414,250 miles) on a single battery. Now, that is something you don’t hear every day. EVs are notorious for carrying a rather negative perception when it comes to battery health after a few years of experience. We know that EV batteries mostly come with an 8-year / 150,000 miles (~241,000 km) warranty. In fact, that is an industry standard with almost all major carmakers offering about the same. But that doesn’t necessarily mean that the battery will be severely damaged post that. This case is a prime example to disprove that norm. You might also like: Tesla and BYD Have 34% Share of Global Q1 2024 EV Sales Tesla Model S With 666,666 km On Single Battery The details of this case stem from a video by the Fully Charged Show channel on YouTube. The host of the show interacts with the owner of this 2018 Tesla Model S, a certain Nigel Raynard. Note that he has been driving around Australia for over 6 years now. He shockingly informs that the first battery swap he did was when his Model S did a jaw-dropping 666,666 km (~414,250 miles), that too because the health of the battery was starting to degrade. It was not like the battery had stopped working altogether. Currently, he has done over 707,000 km (~439,300 miles) in total. He mentions that the car feels like a new one after the battery swap. It’s like the EV got a new lease of life. The man has a running of around 500-600 km (310-372 miles) every day. What is even more interesting is the fact that he replaced the brake discs and pads at 460,000 km (~285,800 miles). Again, they were not giving him any trouble. Just to be on the safer side, he replaced them. That is also counter-intuitive to the theory that EVs eat up through brakes more rapidly than ICE cars. You might also like: Elon Musk Says There’s A Way To Unlock More Range In Tesla Model Y Charging Patterns One intriguing aspect of this ownership experience is the fact that he clarifies that he never followed any particular charging pattern. We know there is voluminous content on the internet regarding the best charging practices to elongate the life span of an EV battery. Fortunately or unfortunately, Nigel managed to stay away from all such content. Instead, he created his own charging cycles which suited his needs. He also has a couple of Model Ys at home. The place where he lives offers free charging from 10 AM to 3 PM. Therefore, he always utilizes these hours to keep at least one EV plugged in. Remember this is DC fast charging. So, he takes out an EV for the day and keeps the other at the charging station. If he needs it, he then takes the other EV out and puts the previous one on charge. He states that he mostly does fast charging multiple times a day. Furthermore, we know that it is recommended that Lithium-ion batteries should be charged up to 90% and used until 10% to maximize battery life. However, Nigel always charges his EVs to 100% and uses them until they are almost dead. Therefore, he never followed any conventional practices with his Model S or other Tesla cars in his garage. Still, he was able to extract such great mileage from the EV. That is an indication that long-term ownership of EVs might not be as concerning as most EV-haters make it out to be. You might also like: 2 in Top 5 Used EVs Come From Tesla as Used Car Industry Grows Learn Electric Cars Says I feel there should be more such ownership reviews and experiences on the internet. I understand that most EVs are still relatively new. Hence, the owners can’t offer their perspective on the ultra-long-term experience of living with an EV. But such interactions will be more prevalent in the coming years once the existing EVs start to age to that point. On the other end of the spectrum, I also understand that it won’t be prudent to jump to any conclusions based on isolated incidents. There can always be something more to such stories than meets the eye. Regardless of that, we are coming across more such cases where people have driven their Teslas over 1 million kilometres in many parts of the world. Note that we are talking about Tesla cars specifically because they are the only ones that have been around for that long. Going forward, we will get to know about EVs from other legacy carmakers as well. Tesla has been selling EVs for over a decade. Hence, only these can offer a detailed ownership experience for the time being.

U.S. Impose 100% Tariffs on Chinese EVs

Young Americans Open To Chinese EVs Despite 100% Tariffs – Study

The study by AutoPacific also surveyed the reactions of Americans regarding data privacy and national security issues due to Chinese EVs. The Biden Administration recently announced 100% tariffs on Chinese EVs up from 25%, from August 1, 2024. Biden claims that this move will protect local jobs. Not just that, the batteries from China will also attract tariffs at 25% up from 7.5%. However, that will come into effect on January 1, 2026. A year prior to that, i.e., January 1, 2025, 50% tariffs will be imposed on semiconductors as well. Note that the tariffs are applicable to BEVs, as well as plug-in hybrid cars. It goes without saying that the U.S. government is adamant about restricting Chinese automobile products on its soil. The U.S. Trade Representative will open a 30-day period for public comment to close on June 28. Amidst all this, a survey by AutoPacific showcases some interesting trends. You might also like: Canada And Australia Join Hands To Tackle China In EV Battery Tech Americans Open to Chinese EVs Despite Tariffs The results come from a proprietary panel of vehicle owners in the U.S. as a part of AutoPacific’s bi-monthly Fuel Price Impact Survey. Nearly 800 respondents, aged 18 to 80, were asked a specific set of questions about Chinese-brand vehicles and privacy concerns. Interestingly, 76% of those under the age of 40 said they would consider buying a vehicle from a Chinese company. This number dropped to just 26% when considering respondents aged 60 and above. Talking about privacy issues, 44% of respondents said they would be ‘very concerned’ about their privacy if Chinese vehicles were sold in the U.S., while 34% would be ‘somewhat concerned’. Under the age of 40, 73% of respondents said they would be concerned about their privacy. Intriguingly, Ed Kim, President and Chief Analyst at AutoPacific said, “Privacy concerns about Chinese-brand vehicles are likely to eventually subside given that most of the connected smartphones, smart watches, laptops, connected home devices we are comfortable using every day are in fact manufactured in China.” Furthermore, 68% to 82% (depending on age group), share similar concerns about potential national security risks if Chinese car manufacturers were to sell their vehicles in the U.S. This is true irrespective of whether the vehicles are produced in China, the U.S. or any other country including Mexico. Mexico becomes particularly crucial because Chinese carmakers are considering building manufacturing facilities there which would allow them to bypass a lot of tariffs. This is where things get heated up. A whopping 73% of respondents under 40 said that they would ‘definitely or maybe consider’ a Chinese-brand vehicle made in Mexico. This number plummets to just 29% when considering the age group of 60 or older. Hence, younger Americans are certainly more open to the idea of considering Chinese vehicles. Chinese EVs are popular on social media due to affordability and tech on offer. You might also like: EV Batteries Made in Europe To Be 60% Less Carbon Intensive Than Chinese – Study Learn Electric Cars Says Now, I understand that the survey pool was not too wide for us to jump to any conclusions. Still, it gives a concrete indication of the kind of trends prevalent in the U.S. auto market. Youngsters, not just in America, but across the globe, are consuming content related to Chinese EVs on social media. The innovation, technology, cutting-edge software, hyper-fast charging speeds, myriads of cool features and affordability are the top reasons which are selling them this idea of Chinese EVs being better than others. In all honesty, one can’t ignore these factors. The U.S. is taking extreme measures to control Chinese dominance in the auto industry. However, industry veterans like Stellantis CEO, Carlos Tavares want to take on Chinese carmakers (or EVs) without relying on tariffs. He calls these measures “Darwinian”. Talking to Reuters, he said, “When you fight against the competition to absorb 30% of cost competitiveness edge in favor of the Chinese, there are social consequences. But the governments, the governments of Europe, they don’t want to face that reality right now.” In any case, I shall cover further developments in this case.

Ford F-150 Lightning Outsells Tesla Cybertruck and Rivian R1T Combined

Ford F-150 Lightning Outsells The Next 3 Electric Pickup Trucks Combined in Q1 2024

The Q1 of 2024 showed some pretty interesting sales statistics with one electric pickup truck dominating the field. The Ford F-150 Lightning managed to outsell the next three electric pickup trucks combined for the first quarter of 2024. The F-150 has unequivocally been the highest-selling pickup truck in the U.S. for over 4 decades. These are some staggering facts. It sure seems like its electric counterpart is replicating that popularity in the eco-friendly mobility realm. It was able to decimate the competition which included the likes of Tesla Cybertruck, Rivian R1T, Chevrolet Silverado EV and GMC Hummer EV. You might also like: Tesla and BYD Have 34% Share of Global Q1 2024 EV Sales Ford F-150 Lightning Electric Pickup Dominates Sales Charts As per S&P Global Mobility data, Ford managed to register 8,589 units of the F-150 Lightning in Q1 of 2024. This marks a significant 51% growth in comparison to the same time last year. In total, Ford sold 20,223 EVs in Q1 of 2024 including 9,589 units of the Mustang Mach-E. Staying with electric pickup trucks, Tesla dispatched 1,791 units of its futuristic Cybertruck in this same time period. It is intriguing to witness how customers responded to the Cybertruck in the first few months of the launch. Social media has been full of reviews and incidents of people with the Cybertruck since its launch back in December. The other prominent player in this space is Rivian with its R1T pickup truck. In Q1 of 2024, the American startup sold 1,786 units of the R1T. Unfortunately, this marks a decline of 56% in sales in comparison to Q1 of 2023. Finally, the Chevrolet Silverado EV, despite its established success and popularity in the ICE guise, was only able to secure a rather disappointing 803 units in Q1 of 2024. Out of these, 319 came in March itself. Furthermore, the GMC Hummer EV sold only 192 units in March 2024. These statistics confirm the sheer dominance of the Ford F-150 Lightning despite the buzz created by the Cybertruck and others. Apparently, the familiar silhouette and legacy of the iconic truck still have its charm. Model Sales in Q1 2024 Ford F-150 Lightning 8,589 Tesla Cybertruck 1,791 Rivian R1T 1,786 Chevrolet Silverado EV 803 Sales of Electric Pickup Truck in Q1 of 2024 You might also like: Ford Will Have Hybrids In Every Segment – Ford CEO Jim Farley Learn Electric Cars Says This sales data reveals some pretty interesting trends in the EV industry in the U.S. While a lot of people, particularly outside the U.S., might think that Cybertruck has been insanely popular due to its social media presence, the sales charts show a different picture. The veteran F-150 moniker is reigning supreme even in this electric age. Going forward, there seem to be no reasons for a significant shift in this trend, at least in the near term. F-150 Lightning and Mustang Mach-E continue to rake in the numbers on the EV sales charts. It would be interesting to see how other international markets shape up once EVs face mass adoption. In any case, we shall keep an eye out for more such details in this regard.

EV Battery Production in Europe Could Lower Carbon Emissions

EV Batteries Made in Europe To Be 60% Less Carbon Intensive Than Chinese – Study

This staggering number becomes valid when renewable electricity is used. Even without that, the Europe-made EV batteries will emit 37% less carbon emissions than the Chinese. A detailed study by Transport & Environment (T&E) concludes that Europe-made EV batteries will be significantly more carbon scarce than China-controlled supply chain. That is a bold claim amidst concerns regarding over-dependency on China for the EV supply chain. We know that China controls a vast majority of production of battery components. This also includes manufacturing raw materials and minerals needed to create a Lithium-ion battery. You might also like: U.S. Could Ban or Restrict Chinese Connected Vehicles Europe-Made EV Batteries 60% Less Carbon-Intensive Than China The study mentions that even using the current European grid, the carbon emissions could be reduced by 37%. This is equivalent to 133 Mt CO2 by 2030 in comparison to China. This number shoots up to 62% if we consider using renewable energy sources. Furthermore, Europe can become self-sufficient in battery cells by 2026, and manufacture most of its demand for key components (cathodes) and materials such as lithium by 2030. Unfortunately, over half of gigafactory plans in Europe are at risk of either facing delays or cancellations. Thankfully, this number was over 66% last year. Hence, progress has been made in this direction. Still, a lot of government intervention is needed. The industrial policy blueprint should include maintaining the investment certainty (via the 2035 clean car goal). With regard to securing gigafactory capacity since last year, France, Germany and Hungary have made the most progress. In France, ACC started production in Pas-de-Calais last year while plants by Verkor in Dunkirk and Northvolt in Schleswig-Holstein, Germany, are going ahead thanks to generous government subsidies. Finland, the UK, Norway and Spain have the most production capacity at medium or high risk due to question marks over projects by the Finnish Minerals Group, West Midlands Gigafactory, Freyr and InoBat. This report also mentions that securing other key EV battery components is an even bigger challenge due to China’s influence and the EU’s nascent expertise. Europe could potentially produce 56% of its total cathode demand which is a critical component of a battery by 2030. By the same time, the EU could also fulfil its demand for processed lithium and secure between 8% and 27% of battery minerals from recycling within the region. You might also like: Tesla and BYD Have 34% Share of Global Q1 2024 EV Sales Learn Electric Cars Says With the number of EVs growing across the globe, issues pertaining to sourcing battery components have become crucial. We have seen the U.S. tax credits depending on where an EV is manufactured in addition to where the battery and its components come from. Going forward, more nations strive to establish their own EV battery manufacturing industries. This will reduce dependence on a single country like China. Apart from that, utilizing renewable sources of energy for production is also a key factor toward going carbon neutral in the coming years. The ambitious goals of carbon neutrality need addressal from all directions. We shall be on the watch out for further developments in this case.

Tesla Model 3 and Y as Used Electric Cars

2 in Top 5 Used EVs Come From Tesla as Used Car Industry Grows

The used electric car industry is growing strongly as more EVs get old and people have the option of choosing new models. In a recent study, it was found that 2 in every 5 used electric cars belong to Tesla. Now, that shouldn’t be a huge surprise for anyone. Tesla is the largest EV maker in the world. It has been widely regarded as the poster boy for the electric mobility revolution across the globe for almost a decade. As the EV market matures, we are bound to have a surge of EVs in the user car market. The trend of people opting for used electric cars is in an upward momentum. Let us glance at the top 10 used electric cars in the U.S. at the moment. You might also like: StoreDot and Polestar Achieve 10-Minute Charging w/ Si-Dominant Cells Top 10 Used Electric Cars The top 2 spots are reserved by Tesla Model 3 and Model Y, respectively. These are followed by the Nissan Leaf, VW ID.4 and Ford Mustang Mach-E at numbers 3, 4 and 5, respectively. The bottom half of the table is dominated by Audi e-tron, Chevrolet Bolt EUV, Bolt EV, Tesla Model S and Hyundai Ioniq 5, respectively. Hence, in total, there are 3 Tesla cars in the list of top 10 used electric cars on sale in the U.S. at the moment. Fun fact, the Tesla Model X fell out of this list this time around. Moreover, user car giant CarMax reports that searches for EVs on its website grew by 177% between 2021 and 2024. Also, the top vehicles which were traded-in include Ford F-150, Honda Accord, Honda Civic, Toyota Prius and Tesla Model 3. EV Average Price Tesla Model 3 $34,045 Tesla Model Y $43,896 Nissan Leaf $18,465 VW ID.4 $31,576 Ford Mustang Mach-E $38,713 Audi e-tron $41,205 Chevrolet Bolt EUV $26,776 Chevrolet Bolt EV $22,564 Tesla Model S $45,574 Hyundai Ioniq 5 $37,036 Top 10 User Electric Cars in the U.S. You might also like: Failure Rate of Modern EV Batteries is 0.1% – Study Learn Electric Cars Says With the expanding EV market across the globe, the used car industry is bound to experience a boost. However, things can get a bit complicated with EVs due to the astronomical expenses attached to battery replacement. I am particularly intrigued to see how will that shape the mindset of potential buyers. We know that battery replacement is the biggest cost associated with the ownership experience of electric cars. Generally, carmakers offer a warranty of around 150,000 – 200,000 km or 8 years (whichever is earlier). Therefore, if EVs are available well before that time period, people would be comfortable spending money. But I don’t see a scenario where anyone would want to risk it near the 8-year mark. Let’s see how things pan out in this regard going forward.

Electric Vehicle Battery Failure Rate

Failure Rate of Modern EV Batteries is 0.1% – Study

An interesting study showcases how the EV battery failure rates have declined from 2011 to 2023. The health startup Recurrent published a study which encompasses the failure rate of modern EV batteries. This study was titled New Study: How Long Do Electric Car Batteries Last? The findings of this study were documented in a report by the U.S. Department of Energy’s Vehicle Technologies Office. This survey took data from around 15,000 rechargeable vehicles between 2011 and 2023. The outcome was quite surprising. You might also like: IEA Report Forecasts EV Sales Could Hit 17 Million in 2024 Failure Rate of Modern EV Batteries Now, we all know that the number of plug-in electric cars (PHEVs and BEVs) was little in the initial five years (2011 – 2015) and the battery technology was still taking shape. While there is still a long way to go, we are at a lot better and technologically advanced stage today, in comparison. Hence, the EV battery failure rate was a whopping 7.5% in 2011 and 1.6% in 2015. These stats don’t include the recalls. Things changed for the better post-2016. Advanced technologies like active liquid battery cooling, more sophisticated thermal management systems and new battery chemistries have emerged. That becomes visible from the battery failure rate in 2016, which was just 0.3%. Furthermore, this number went even lower to 0.1% in 2017. Hence, one could think of the time post-2016 as the second life for EV battery technology. The stats have danced around 0.1% to 0.5% from 2016 to 2023. This translates to – 1 in every 1,000 EV batteries could encounter failure. That is quite a healthy rate. However, it must be pondered whether the EV industry becomes successful in bringing this down even more by 2030 with the intense R&D work going on in battery tech and EV battery cell chemistry. You might also like: Tesla Cars Cheapest To Maintain, Land Rover Most Expensive Learn Electric Cars Says As the sales of electric cars rise exponentially across the globe, issues pertaining to EV battery failure become more prominent. In general, the EV batteries are considered safe. Sure, there have been a few fire cases in EV batteries. But the safety, maintenance costs and environmental factors are largely in favour of EVs. We must also mention that data will become more readily available as the existing EVs age and electric cars become mainstream in the next few years.

Tesla Model S has Lowest Maintenance Cost

Tesla Cars Cheapest To Maintain, Land Rover Most Expensive

A latest study by Consumer Reports suggests that vehicles from the EV giant are the cheapest to maintain over a 10-year-long period. As per a recent study from Consumer Reports, Tesla cars came out to be the cheapest to maintain. The other end of the spectrum was occupied by Land Rover. The other expensive car marques in terms of ownership costs include the German luxury brands. On the other hand, the American carmakers featured toward the top of this list (cheaper to maintain). Tesla’s title also corroborates the theory of electric cars being less expensive to maintain. You might also like: Tesla Cuts FSD Prices By $4,000 and Model X, Y and S By $2,000 Tesla Cars Cheapest To Maintain In this survey, the ownership costs were calculated in two segments – 1-5 years and 6-10 years. We all know that vehicles generally don’t demand too many expenses during the initial few years. On top of that, a majority of this time period is covered under warranty. As a result, the maintenance costs are extremely low. But after let’s say, the first 5 years, the servicing and repairs costs start climbing. Spare parts are needed to keep the vehicles in top shape. Hence, the ownership costs are disproportionately high during this part of the lifecycle. The details of the maintenance costs related to specific carmakers are as follows: Company 1-5 Years 6-10 Years Total (10 Years) Tesla $580 $3,455 $4,035 Buick $900 $4,000 $4,900 Toyota $1,125 $3,775 $4,900 Lincoln $940 $4,100 $5,040 Ford $1,100 $4,300 $5,400 Chevrolet $1,200 $4,350 $5,550 Hyundai $1,140 $4,500 $5,640 Nissan $1,300 $4,400 $5,700 Mazda $1,400 $4,400 $5,800 Honda $1,435 $4,400 $5,835 Kia $1,450 $4,400 $5,850 Dodge $1,200 $5,200 $6,400 Jeep $1,100 $5,300 $6,400 Chrysler $1,600 $4,900 $6,500 Volkswagen $1,095 $5,435 $6,530 Cadillac $1,125 $5,400 $6,565 Ram $1,470 $5,200 $6,670 Lexus $1,750 $5,000 $6,750 GMC $1,400 $5,800 $7,200 Subaru $1,700 $5,500 $7,200 Mini $1,525 $6,100 $7,625 Acura $1,800 $6,000 $7,800 Infiniti $2,150 $6,350 $8,500 Volvo $1,785 $7,500 $9,285 BMW $1,700 $7,800 $9,500 Audi $1,900 $7,990 $9,890 Mercedes-Benz $2,850 $7,675 $10,525 Porsche $4,000 $10,090 $14,090 Land Rover $4,250 $15,000 $19,250 Ownership Costs of Car Companies You might also like: Tesla Eyeing Indian Factory With Capacity Of 500,000 EVs Learn Electric Cars Says Ownership cost is a crucial element that people consider prior to purchasing a car. It is often said that EVs have lower running and ownership costs in comparison to ICE cars. While there are not all that many EVs that have been around for 10 years, only the Tesla Model S has this title. The only real huge expense electric cars have is that of the batteries. But modern EVs often come with a warranty of up to 150,000 – 200,000 miles. Therefore, if owners change their electric cars before that expense sets in, there would be a significant cost-saving in comparison to ICE cars.

Global EV Sales Forecasts

IEA Report Forecasts EV Sales Could Hit 17 Million in 2024

International Energy Agency (IEA) has released its data for expected trends in the electric mobility space for this year, as well as long-term predictions for the future. The most recent IEA report about the Global EV Outlook for 2024 predicts that the total global sales could hit the unprecedented 17 million mark this year. Now, this might seem a bit contradictory to some, with all the news reports going on about the slowdown in the EV industry. While this might be true for some concentrated markets, the overall global sales data will remain strong. We caught of glimpse of this trend after the first quarter of 2024 which saw a growth of 25% on a year-on-year basis (Q1 2023). You might also like: US Tells China Not To Flood Its Auto Market IEA Report on Global EV Sales Digging further, the IEA believes that the market share of EVs could reach 45% in China, 25% in Europe and over 11% in the U.S. in 2024. That should give you an idea of just how far ahead China is in this EV race. In 2023, the global EV sales almost touched 14 million, which amounts to 18% of all cars sold. This number was just 14% in 2022. Furthermore, electric car sales in 2023 were 3.5 million higher than in 2022, a 35% year-on-year increase. Chinese carmakers produced more than half of all electric cars sold worldwide in 2023. In 2023, China (60%), Europe (25%) and the U.S. (10%) contributed 65% to the overall global EV sales. Evidently, these regions form the concentrated electric car markets at the moment. However, emerging economies are growing rapidly even though their share of EVs is not yet too significant. For instance, the EV share in total car sales in Vietnam was 15%, Thailand was 10%, India was 2%, Brazil was 3%, Indonesia was 2% and Malaysia was 2%. Hence, we will see these nations become prominent players in the EV space in a matter of a few years. This report also suggests that every other car sold globally in 2035 will be electric based on today’s energy, climate and industrial policy settings. This is a part of the IEA’s Stated Policies Scenario. In fact, by 2030, almost 1 in 3 cars on roads in China will be electric, and almost 1 in 5 cars in the U.S. and EU will be electric as well. You might also like: 91.5% of All Cars Sold in Norway in March 2024 Were Electric EV Battery Recycling The battery recycling industry is preparing for the 2030s, emphasizing the importance of recycling and reusing batteries for supply chain sustainability and security. Despite the growing interest from technology developers, planned recycling locations may not align with the anticipated retirement locations of electric vehicle (EV) batteries. Global battery recycling capacity reached 300 gigawatt-hours in 2023, projected to exceed 1,500 gigawatt-hours by 2030, with China leading with 70% of the capacity. However, the announced recycling capacity globally exceeds three times the potential supply of batteries by 2030, according to the Announced Pledges Scenario. EV battery retirement is forecasted to rapidly increase in the latter half of the 2030s, indicating a growing demand for recycling services. You might also like: Tesla Eyeing Indian Factory With Capacity Of 500,000 EVs Learn Electric Cars Says These are some intriguing observations by IEA. These unequivocally indicate that the overall growth in global EV sales will be in line with the previous years despite concerns regarding a slowdown. IEA also says that it anticipates EVs to cost the same as ICE cars by as early as 2030. This is due to the economies of scale, cheaper batteries, low manufacturing costs, etc. Once that happens, global EV sales will see an exponential boost, this time even with contributions from emerging economies.