As international oil prices approach $100 per barrel, the cost competitiveness of electric vehicles is once again coming to the fore. Assuming an annual driving distance of 13,800 kilometers, the maintenance cost for the Ioniq 5, an electric vehicle, is 1.11 million won, while the similarly priced gasoline car, the Grandeur 2.5, costs 3.19 million won—a difference of 2.08 million won.
On the 9th, Water, a fast-charging network for electric vehicles, compared maintenance costs including fuel expenses, vehicle taxes, and consumable replacement costs based on the national average annual driving distance of 13,800 kilometers per car. The results showed that the Ioniq 5 Long Range cost 1.11 million won and the Tesla Model Y Long Range cost 1.06 million won, whereas the Sonata 2.0 cost 2.93 million won and the Grandeur 2.5 cost 3.19 million won.
Even when calculated using the most expensive public charging rate for ultra-fast charging (393.1 won), the Ioniq 5 remains at 1.23 million won and the Model Y at 1.17 million won. Utilizing slow charging at home or workplaces further widens the gap.
Connecting to an expressway ultra-fast charger for 10 minutes allows for an additional 165 kilometers of driving, with a charging cost of 11,200 won. Driving the same distance in a Grandeur 2.5 costs 25,600 won just for gasoline. By item, fuel and charging costs are 940,000 won for the Ioniq 5 versus 2.14 million won for the Grandeur 2.5, and vehicle taxes also diverge at 130,000 won and 650,000 won respectively. Consumable replacement costs differ by a factor of ten. The Grandeur 2.5 requires scheduled replacements of engine oil, automatic transmission fluid, air cleaner filters, and spark plugs, costing 400,000 won annually, while the only item needing replacement in the Ioniq 5 is brake pads, costing just 40,000 won.
When oil prices rise, the gap widens further. Gasoline prices rose to 2,011.8 won per liter in the second week of May but have fallen for 16 consecutive weeks and are currently around 1,860 won. If prices return to May levels, the annual maintenance cost for the Grandeur 2.5 would increase to 3.36 million won, while the two electric vehicles remain unchanged. This is because charging fees are calculated based on electricity rates and facility operating costs rather than international oil prices, and petroleum accounts for only about 1% of domestic power generation.
International oil prices are facing upward pressure in the second half of the year. On the 8th (local time), Brent crude futures closed at $97.92 per barrel, and Dubai crude, the benchmark imported into Korea, rose to $99.9 in the first week of September.
The longer the vehicle is held, the greater the difference accumulates as a lump sum. Under the same conditions over five years, the Ioniq 5 costs 5.54 million won and the Model Y costs 5.28 million won, whereas the Grandeur 2.5 requires 15.74 million won. The gap ranges from 10.20 million to 10.46 million won; if May oil prices are applied, the difference widens to between 11.07 million and 11.34 million won.
Water operates 274 fast and ultra-fast chargers at 50 highway rest areas nationwide and has secured new business rights for 123 units across 23 rest areas. Including private rest areas, the total reaches 397 units at 73 locations.
Yoo Dae-won, representative of the Electric Vehicle Charging Business Division at Bright Energy Partners, stated, "Even when adding fuel costs, taxes, and consumables, the cost advantage of electric vehicles is clear." He added, "Data confirms that even when charging exclusively at the highest-output ultra-fast chargers, the cost gap with internal combustion engine vehicles remains very significant."
in INDUSTRY
