RISING fuel prices are “eroding” consumer loyalty to ICE (internal combustion engine) vehicles, according to a clean energy expert, who argues that electric vehicles will soon be the most economic option for drivers.
Aiden McClean, founder of UFODRIVE, the world’s first electric car rental company told Express.co.uk that there is a perception that electric cars are more expensive than their ICE counterparts. However, with rising fuel prices and the falling price of electric car technology, he argues that this is fast becoming untrue. On average electric cars are 10 percent more expensive to buy than traditional ICE vehicles. However, they are much cheaper to run.
The UK’s electric vehicle drive has put the energy sector on the road to change
Research from Compare the Market has revealed that electric cars are £600 cheaper to run than an equivalent petrol car with average annual costs at £1,264 and £1,834 respectively.
With Russia’s invasion of Ukraine causing fuel prices to skyrocket at a higher rate than electricity, this gap is set to widen even further.
Mr McClean also argues that electric car technology is in its infancy “and as the innovations keep coming, prices will only get lower.”
Analysis from BloombergNEF predicts lithium-ion battery costs will fall to the extent that electric cars will match the price of petrol and diesel cars by 2023 and McKinsey’s Global Energy Perspective 2021 forecasts that “electric vehicles are likely to become the most economic choice in the next five years in many parts of the world”.
Read more: Express
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