Fuel prices have surged this year, and the total cost of owning an electric vehicle (EV) is now on par with, or sometimes cheaper than, owning a traditional internal combustion engine (ICE) car. A report shared with the Financial Times via LeasePlan highlights this shift, underscoring how electricity costs and maintenance savings shape the economics of EV ownership in Europe.
LeasePlan notes that while the upfront price of a battery electric vehicle (BEV) can be higher than that of an ICE car, operating expenses are significantly lower. Lower maintenance needs, reduced parts wear, and the cheaper price of electricity for charging contribute to a much lower total cost of ownership for EVs in most European markets. In essence, across a broad swath of countries, the monthly outlay for keeping an EV on the road compares favorably with petrol or diesel options.
In a direct comparison, LeasePlan looked at the Ford Kuga with its gasoline powertrain versus the electric version of the same model, the Ford Kuga BEV, alongside the Skoda Enyaq. Across 19 of 22 European markets where these models are offered, the electric option is either price-equivalent to the ICE version or cheaper when total ownership costs are considered. This pattern reinforces the broader market trend that EVs can deliver comparable or lower ownership costs in real-world scenarios.
LeasePlan’s analysis also breaks down the components of ownership costs. It estimates that charging sessions account for roughly 15% of an EV’s total ownership expense, while the fuel portion of a diesel vehicle often represents around 28%. The implication is clear: even with the current electricity tariffs in many regions, the long-term cost advantage of EVs continues to grow as charging infrastructure expands and charging rates become more predictable for households and businesses alike. [LeasePlan report, Financial Times summary]
Meanwhile, in the commercial vehicle sector, there are signs of progression. Serial production of Russia’s first fully electric truck, the EVM Pro, is slated to begin in the first quarter of next year. Built on the UAZ Profi chassis, the EVM Pro marks an important milestone for electric trucks in the region. Industry observers see this as part of a broader move toward electrification in fleets where fuel costs and maintenance have long been a dominant expense. [Industry briefing, EV market analytics]