We’re witnessing the influx of a new era- The era of electric mobility. Those who had been to, or do know about the Indian Auto Expo 2020 know that in the whole event most manufacturers seemed to have been diverting their focus towards the future of mobility, and this future consisted of electric vehicles. These electric vehicles were not just a motor attached to a battery, these vehicles were vehicles that actually made sense to own and drive around everywhere.
With the currently soaring, fuel prices the only people not struck by these costs are the ones which decided to take the leap and switch to an electric vehicle. The fuel costs of electric vehicles are close to being nothing in comparison to those with combustion engines. EVs in fact, also offer significantly better performance than traditional combustion engines.
Cost of Ownership of an Electric Two-Wheeler is adding up to Rs.3.4/km v/s Rs.3.5km of a Petrol Two Wheeler.
Do note that the Initial Acquisition Cost of an Electric Two-Wheeler is higher. But, the higher fuel cost and maintenance cost of a Petrol Two Wheeler makes it a costlier proposition in the longer run.
The game is all set to change if the initial ownership cost reduces and also the battery cost is rationalized.
And not just this, according to reports by Morgan Stanley- an investment bank and financial services firm, EVs, although coming at a higher cost than those with a combustion engine, still offer a better value for money proposition when running costs are taken into consideration. The running cost of an EV is nearly 5% lesser each passing year you own the vehicle. According to a Europe-wide study by LeasePlan, electric vehicles keep their value for longer in comparison to fuel vehicles.
In a survey conducted by Team-BHP (link), one of the topmost voted reasons why Indians didn’t consider buying an EV was the lack of charging infrastructure which was followed by higher purchase costs and having a limited range of the battery. Perhaps, more charging stations would bring out more people who would be eager to take the leap of switching.