What Is The Real Cost Of Owning an EV?

What Is The Real Cost Of Owning an EV?

Like an IC engine automobile where the engine and the driveline make up the key aggregates, in EVs the key aggregates are the battery and the motor. While an IC engine may account for 23 to 30 percent of the total cost and the driveline component such as a gearbox, propeller shaft, transaxle or a differential may together cost another 15 to 20 percent of the total vehicle cost, in the case of an EV, it may not be that simple. 

It is therefore necessary to find out about the battery and motor replacement cost before buying an EV. A young Canadian owner – Kyle Hsu – of Hyundai Ioniq 5 was thrown out of his seat almost when he found out that the warranty was void on the battery pack of his one-year-old electric vehicle and it would cost him a little over $ 60,000 to replace it! The car was bought in 2022 for $ 56,000. 

Hsu was driving to the interior of British Columbia, according to the YouTube channel Motormouth which has highlighted the development, when he avoided something on the road. On the cautionary side, he dropped at the dealer to get the car checked after he returned from the trip. 

The battery cover underneath the e-car was founded to have been scratched. The dealer conveyed that the battery behind the cover had been impacted and should be replaced since it may explode. It was not repairable. 

Hsu took the help of the insurance company once he was told that it would cost over $ 60,000 to replace the battery. The insurance company told him that his vehicle IDV was less than the cost of replacing the battery. If he were to choose to replace the battery, the insurance costs were likely to go up by 50 percent despite his clean driving record. 

Responding to Motormouth, the Hyundai Canada PR Manager Jennifer Mcarthy is known to have said that it amounts to a very rare situation and Hyundai Canada’s customer experience team should have had the opportunity to access the situation prior to sharing of costing. 

The cost of battery replacement depends on the nature of the damage, type of battery and repairs required. There is no one set price for ever replacement while battery cost is a challenge for the business. Pricing strategy for batteries that is reasonable, fair and in line with market competitiveness is being worked on, Mcarthy is known to have expressed further.

In his column in The Guardian newspaper recently, actor and automobile enthusiast Rowan Atkinson stated that he loves electric vehicles and was an early adopter. He however felt increasingly duped. 

An electrical and electronic engineer by education, Atkinson is of the opinion that electric motoring does not seem to be quite the environmental panacea it is claimed to be. 

Stating that electric cars have zero exhaust emissions, which is a welcome development, particularly in respect of the air quality in city centres, Atkinson said in his column, if you zoom out a bit and look at a bigger picture that includes the car’s manufacture, the situation is very different. “The problem lies with the lithium-ion batteries fitted currently to nearly all electric vehicles: They’re absurdly heavy, huge amounts of energy are required to make them and they are estimated to last only upwards of 10 years,” he averred. 

Drawing attention to solid-state battery development, Atkinson expressed that if hydrogen wins the race to power trucks and as a result every filling station stocks it, it could be popular and accessible choice for cars. 

Till then, keeping the old petrol vehicle may be better than buying an EV since it costs far less to make and can last for 30 years with tender loving care. 

If the majority of the first owners would retain their vehicles for over five years, it would result in an amount of CO2 reduction brought about by new cars being put on the road. The entire chain of raw material selection to manufacture, to the end of the road has its share of carbon emissions. 

Though it may be better to reduce our reliance of IC engine vehicles, it would be worth considering that the existing vehicles have already paid their environmental dues – cost to the environment – during their manufacturing process. A lot of technological development has also made them far less polluting and reliable than they were a few years or decades ago. 

Also, the possibility of writing off a one-year-old EV because its battery replacement cost exceeds the vehicle purchase cost is countered by the engine, gearbox or a body part being repairable in case of an IC engine vehicle.

Many of you would also remember the head honchos of some auto companies in India saying that BS VI emission compliant vehicles will only emit water through the tailpipe and will be cleaner than the ambient air. 

The time is ripe to understand what is ‘actually’ environment friendly, an EV or an IC vehicle. The time is right to test and analyse if it the automobiles that are causing more pollution in Indian cities or there are other sources. An air filled with so much dust does not seem like the handiwork of automobiles rather than the gigantic civil projects that being worked on. 

Roy Kurian

Two-wheeler industry veteran Roy Kurian has joined Revolt Motors as President. This marks the second innings for Kurian at Revolt Motors; he had previously held a brief stint in January 2023, before joining Montra Electric as its Chief Executive Officer.

Kurian is a seasoned C-suite executive known for his deep expertise in the automotive and mobility sectors, specialising in business turn-arounds and scaling operations, particularly within the electric vehicle (EV) landscape.

He spent over a decade at India Yamaha Motor from 2007 to 2019, growing to the ranks of Senior Vice-President Sales Marketing. He had joined Tork Motors in 2019 spending over a year at the electric motorcycle company before joining Ampere Electric Vehicles as COO and Executive Director Electric Mobility.

In his new role, he will lead RattanIndia Enterprises-led Revolt Motors, which has been focussing on expanding its market share in the electric two-wheeler space.

For CY2025, Revolt MotoCorp has sold around 8,164 electric two-wheelers as compared to 9,955 units in CY2024. At present, Revolt MotoCorp’s product portfolio includes – Revolt RV1, Revolt RV1+, Revolt BlazeX, Revolt RV400BRZ and Revolt RV400 in the electric motorcycle segment.

conventional two-wheeler leadership at a major international brand, followed by a concentrated pivot into high-growth, executive roles across the Indian EV ecosystem, culminating in multiple tenures as CEO and President. He possesses proven skills in executive management (CXO), strategic sales, marketing, and operational leadership.

Refex Mobility Drives Into Delhi NCR To Accelerate Corporate Green Transport

Refex Mobility

Refex Mobility, the clean mobility arm of the Refex Group, has launched its operations in Delhi NCR, committing to fast-track clean corporate transportation in the region. The launch event was attended by the Union Minister of New and Renewable Energy, Prahlad Joshi, along with other dignitaries.

The company plans to deploy over 400 new four-wheeler clean-fuelled vehicles in Delhi NCR within the next three months, enhancing its presence across India.

Refex Mobility is looking to use its Delhi NCR launch as a springboard to scale into Tier-1 and Tier-2 cities nationwide. The firm currently operates a fleet of over 1,400 all-electric four-wheeler vehicles across Chennai, Bengaluru, Hyderabad and Mumbai, serving more than 70 leading corporates from sectors including BFSI, IT/ITES, e-commerce and telecom. The company, supported by over 200 employees, has already abated 3.5 million kilograms of tailpipe CO2 emissions since its inception.

Union Minister Prahlad Joshi commended the company's initiative, emphasising the need for solar-powered EV fleets: “Under the visionary leadership of Prime Minister Narendra Modi, India is advancing rapidly towards clean energy and sustainable mobility. To truly unlock the promise of electric vehicles and smart energy-efficient transportation, we must ensure they are powered by the sun. I urge corporates to lead the way by adopting solar-based charging for their EV fleets, thereby reducing oil imports, cutting emissions, and building greener, healthier cities in line with their ESG commitment.”

Anil Jain, Chairman & Managing Director, Refex Group, said, "Delhi NCR is not just an expansion for us but it is a commitment to scale. Within a couple of quarters, we will create one of the largest corporate clean-mobility fleets in the region. At Refex, we believe in diversification with responsibility, and Green Mobility is one of the most critical pillars of our sustainability journey."

Anirudh Arun, CEO, Refex Mobility, added, “At Refex Mobility, we are reimagining what reliable and responsible mobility means for India. Our promise is built on three pillars - dependable fleets that corporates can count on, exceptional experiences for every rider, and a deep commitment to sustainability and our driver partners. With our entry into Delhi NCR, we are proud to bring this ethos to the capital, as we continue shaping a cleaner and more trusted future for urban mobility.”

Yuma Energy Partners HPCL To Expand EV Battery Swapping Network

Yuma Energy - HPCL

Yuma Energy, one of India's fastest-growing Battery-as-a-Service (BaaS) providers, has announced a major partnership with Hindustan Petroleum Corporation (HPCL) to rapidly scale its battery swapping network across the country. HPCL is one of India's largest energy companies, boasting a vast network of over 24,000 retail outlets.

By leveraging HPCL's extensive footprint, Yuma Energy aims to gain a strategic advantage, allowing it to deploy its AI-driven battery swapping stations in high-demand locations – from major metro areas to Tier-2 towns.

This move aims to give riders, delivery fleets and businesses instant and reliable energy access that is as quick as traditional refuelling.

Yuma Energy will use HPCL's retail network to deploy its ‘Yuma Stations’ strategically based on real-time demand. This demand-responsive model ensures that EV users – including e-rickshaw drivers, gig-economy partners, and commuters – are always close to a fully charged battery.

The partnership directly addresses the key challenge of energy network infrastructure that needs to keep pace with India's accelerating EV adoption, particularly in the two- and three-wheeler segments. For HPCL, the alliance allows the company to diversify its business into future-ready energy solutions.

Kinetic Green Launches E-Luna Prime, Targeting India's Commuter Segment

Kinetic E-Luna Prime

Kinetic Green Energy and Power Solutions has introduced the E-Luna Prime, an electric two-wheeler designed for India's commuter motorcycle market. The new model builds on the success of the E-Luna, which has sold over 25,000 units since its launch.

The E-Luna Prime, the company shared, is engineered to meet the needs of millions of commuters, offering an affordable and practical solution for both urban and rural environments. It features rugged 16-inch alloy wheels, a digital cluster and a spacious front-loading area. The electric two-wheeler is available in two variants with ranges of 110 km and 140 km, prices starting at INR 82,490 (ex-showroom).

According to Kinetic Green, the E-Luna Prime offers significant savings compared to conventional petrol-based motorcycles. The total cost of ownership is estimated at just INR 2,500 per month, which includes the EMI and running expenses. This is a fraction of the estimated INR 7,500 monthly cost for a traditional ICE two-wheeler, potentially saving consumers up to INR 60,000 annually.

Dr Sulajja Firodia Motwani, Founder & CEO, Kinetic Green, said, "We are delighted to unveil the E-Luna Prime, that embodies our commitment to transforming the future of personal mobility in India. Building on the resounding success of our E-Luna series, which has garnered widespread acclaim from thousands of satisfied customers, the E-Luna Prime represents a significant leap forward in our pursuit of innovation and customer-centricity."

Dr. Motwani added that extensive consumer research revealed an opportunity to create "India's most affordable yet aspirational mobility solution for the fastest growing commuter motorcycle segment." She stated, "The E-Luna Prime, with its industry-leading features along with the winning proposition of INR 2,500 monthly ownership cost, exemplifies our commitment to address the evolving and unmet customer needs by leveraging cutting-edge electric vehicle innovations."

The E-Luna Prime is available in six colours and will be sold through Kinetic Green's network of over 300 dealerships across the country.