GM is pushing for zero tailpipe emissions from its light-duty vehicle lineup by 2035, with plans to introduce a wide variety of new electric vehicles over the course of the next several years. Now, a new analysis indicates that electric vehicles actually cost less per mile to operate than equivalent internal combustion engine (ICE) vehicles.
The analysis was released by the Zero Emission Transportation Association (ZETA), a federal coalition pushing for 100 percent EV sales by 2030.
The new ZETA analysis examines the cost-per-mile for both electric vehicles and gasoline-powered vehicles, finding cost estimates for a handful of different vehicles spanning several segments, including the Ford F-150, Rivian R1S, Ford F-150 Lightning, Toyota RAV4, Tesla Model 3, and Honda Civic. ZETA also averaged data pulled from 22 U.S. states during the month of March, 2023. The recent report also includes data from a series of ZETA analyses released since December 2021.
The report lists four major takeaways, the first of which is that electricity is not only cheaper than gasoline, but it is more price-stable as well. Whereas the price of gasoline is dependent on global oil and gas markets, and thus subject to volatility, electricity that is domestically produced and increasingly renewable provides a more stable operating cost for electric vehicles.
ZETA also indicates that nationally, gasoline-powered vehicles can cost upwards of 4.5 times more to drive per mile than equivalent electric vehicles. However, as ZETA points out, cost can vary significantly between states, but on average, electric vehicles are still less expensive to run.
The report also indicates that electric vehicles are less expensive to maintain than equivalent gasoline-powered models. The report states that electric vehicles require less maintenance and can save owners between $1,800 and $2,600 annually in terms of operating and maintenance costs, citing Consumer Reports.
Finally, the report states that the recent EV tax credit expansion and manufacturing incentives included in the Inflation Reduction Act will help to significantly reduce electric vehicle sticker prices, while also incentivizing supply chain “onshoring” and creating millions of new jobs here in the U.S.