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October 21, 2021

EVs close running costs gap with ICE vehicles in Europe – study

EVs close gap with ICEs on running costs but charging infrastructure concerns remain.

By David Leggett

LeasePlan has published its 2021 Car Cost Index, which reveals that compact and mid-size electric vehicles (EVs) are cost competitive with petrol and diesel cars across most European countries.

In the few countries where EVs are not yet cost competitive, the price gap between EV and ICE vehicles has narrowed significantly, according to LeasePlan’s research. It goes on to say that if the trend continues, EVs will likely reach cost competitiveness in every country surveyed, including Eastern European markets such as Romania and Poland, by the mid-2020s.

Tex Gunning, chief executive of LeasePlan, said that the report is a wake up call for policymakers. “Electric cars have finally passed the affordability tipping point and are now cost competitive across Europe, but government action on infrastructure remains woefully inadequate.

“Ahead of COP26, we are calling on policymakers to finally step up and invest in a charging infrastructure worthy of their net zero ambitions. Until charging points are as ubiquitous as petrol stations on the streets of Glasgow, Europe has no hope of reaching net zero.”

The report found that the average monthly cost of driving a car varies across the continent, from €743 a month in Greece to €1,138 in Switzerland.

Sandra Roling, head of transport at the Climate Group, added: “LeasePlan’s latest Car Cost Index shows that the commercial case for switching corporate fleets to EVs has never been stronger. Clean road transport represents one of the biggest opportunities for both businesses and our climate.

“Through EV100, we’ve been working with companies like LeasePlan to make EVs the new normal by 2030, so it’s exciting to see we’ve already passed the economic tipping point across most of Europe today. Every business can and should start converting their fleet to electric. With COP26 on the horizon, we must continue to signal that zero emission vehicles are the future.”

Read the report

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