Total Cost of Ownership(TCO)/Affordability
The use of EVs greatly contributes to a stronger European independence from traditional energy supplies, as the market share for diesel and petrol will decrease substantially in the coming years.
Moreover, the purchase cost parity is assumed to be achieved in the period 2022-2026 between a Battery Electric Vehicle (BEV) and a comparable Internal Combustion Engine Vehicle (ICEV), with BEVs being comparatively lower in cost after that.
The average TCO for a Zero Emission Vehicle (ZEV) will be €0.04 to €0.06 per kilometre, less than an ICEV, by 2030. This represents societal savings of €140 billion to €210 billion per year for a 100% ZEV EU car fleet (Source: EAFO, 2017).
Finally, around 1,740 million barrels of oil per year could be saved by 2050 in Europe with the transition to a zero emission passenger car fleet, the equivalent of €78 billion at the price of $45 per barrel (Source: EAFO, 2017).