Surging Electricity Prices Make Some Gas Vehicles Cheaper Than Electric Ones In Europe By Benzinga
© Reuters. Surging Electricity Prices Make Some Gas Vehicles Cheaper Than Electric Ones In Europe
Benzinga – Due to the Russia-Ukraine war, Europe was witnessing surging electricity prices, making some electric vehicles more expensive than combustion engines.
In some cases, the cost difference between driving both types of cars 100 miles had become negligible.
According to economists, a higher price for power was expected to continue for several years, which might remove a powerful incentive for consumers who planned to switch to electric vehicles, threatening the continent’s electric transition.
In Germany, Tesla Inc (NASDAQ: NASDAQ:) raised supercharger prices several times this year, most recently to €0.71 in September before falling somewhat, according to reports from Tesla owners on industry forums.
Tesla’s Model 3 driver would pay €18.46 at a Tesla supercharger station in Europe for a charge sufficient to drive 100 miles, the Wall Street Journal wrote.
By comparison, drivers in Germany would pay €18.31 for gasoline to drive the same distance in a Honda Civic 4-door.
If the EV owner only charged the vehicle at home, they were generally still paying less for driving than conventional car users, although this gap had narrowed considerably.
Analysts said about 80% of EV charging took place at home or work, so if an electric vehicle was only used close to home, it generally remained the least expensive option. But once the vehicle was used for long road trips, drivers were more likely to use fast-charging stations.
The German government’s independent panel of economic experts forecast that these prices are likely to decline in the medium term, but unlikely to fall to pre-energy crisis levels.
Read Next: This European Country Wants To Hit 1 Million EVs By 2027: Could Tesla Benefit?
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