Economic feasibility of electric vehicles: A case study

Abstract

Personal transportation is prevalent in Brunei Darussalam because of the lack of adequate public transportation. However, Brunei is not immune to the effects of climate change and as such, has launched a national policy to mitigate the impacts. As electric vehicles presently are very rare to Brunei, this article seeks to determine the total cost of ownership of internationally popular electric vehicles (EVs) and internal combustion engine vehicles (ICEVs) to put things in perspective for the Brunei market. The methodology investigated how the total cost of ownership (TCO) is affected by depreciation, interest repayment, maintenance and repair, fuel costs, taxation, and insurance premiums. We have determined that without any subsidies, predictably TCOs of EVs are higher than popular ICEVs; however, they are comparable to TCOs of European premium brands. The Tesla Model 3 has a TCO of USD 760 per month whereas a Mercedes Benz C200 has a TCO USD800 per month. The authors have suggested that a 30% subsidy on the showroom price of EVs be introduced and to improve charging infrastructure as this would be vital to governmental policy planning as Brunei seeks to increase the ownership of electric vehicles to 60% by 2035.

Modeling the Impact of Different Policies on Electric Vehicle Adoption: An Investigative Study

“…These studies, however, simplify their analysis by ignoring the discounted effect of money. Our previous works [7,8,19] related to electric vehicles have considered present value calculations and concluded that neither EVs, EV vehicles, nor EV charging infrastructure are yet able to compete with ICEVs without additional incentives by the government. Conversely, Ref.…”

“…Ref. [19] has argued that it is necessary to perform analysis using local parameters to determine economic feasibility due to the complex interactions between the cost components of EVs and ICEVs. Other important parameters that factor into EV attractiveness include the driving range, availability of infrastructure, and charging time of EVs in comparison to ICEVs.…”

“…While the driving range is still short as compared to ICEVs, the small size of Brunei does not necessitate long travel; this equates to the low relative importance put on the driving range. The largest concern from the perspective of EV potential adopters is the LCC of EVs, with previous research clearly indicating that EVs are not yet economically feasible [19]. However, EVs have improved since the studies in Ref.…”

“…However, EVs have improved since the studies in Ref. [19], with improvements in terms of battery price, driving range, and charging time.…”

Research and analysis of electromagnetic interference of a motor drive control system based on PMSM with SiC MOSFET for new energy electric vehicles

“…Against the background of the traditional fossil energy shortage crisis and sustainable green development path (Ranjan Kumar and Kumar, 2020;Kalair et al, 2021;Li et al, 2022), it is encouraging that new energy electric vehicles (NEEVs) have been rapidly popularized worldwide due to their inherent advantages of zero harmful gas emissions, low energy consumption and non-pollution, high efficiency, and the use of more environmentally friendly electric energy as power sources (Buenger and Michalski, 2018;Mihet-Popa and Saponara, 2018;Hossain et al, 2022a;Cheok et al, 2022). Compared with the conventional internal combustion engine (ICE), NEEVs have more electronic and electrical equipment, including a power battery pack, inverters, traction electromotors, controllers, and a busbar cable, as shown in Figure 1 (Kene et al, 2021;Hossain et al, 2022b).…”