Comparison: Real World Cost of Fueling EVs and ICE Vehicles

Electric Vehicles can be more expensive to fuel than their internal combustion engine counterparts

Patrick L. Anderson, Principal and CEO
Alston D’Souza, Senior Analyst

The automobile industry is on the cusp of the biggest transition in fundamental technology since the earliest days of the industry. A century ago, gasoline-powered vehicles won the technology race of the era against competitors that included electric, steam, and horse-powered carriages. Today, electric vehicles are ascendant.

This transition poses significant risks and uncertainties. For consumers, one of the biggest is the cost to drive electric vehicles (EV) compared to their familiar internal combustion engine (ICE) counterparts. If customers find the true cost of EVs to be lower than for ICE vehicles, we can expect rapid adoption. On the other hand, if EVs cost more to drive and to own, that transition is likely to be much slower.

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