Hybrid vehicles lead in ownership cost savings over EVs

A new study by AAA indicates that hybrid vehicles currently offer the lowest total ownership costs across several categories, including compact SUVs, medium SUVs, full-size pickups, and medium sedans. While electric vehicles (EVs) provide fuel savings, higher depreciation and financing costs often outweigh these benefits. However, rising gasoline prices are narrowing the cost gap between EVs and traditional internal combustion engines.

In the European market, Volkswagen Group reports a surge in interest for entry-level electric models. The company’s MEB+ platform, which supports affordable models priced between 25,000 and 30,000 euros, has already garnered nearly 150,000 orders. Volkswagen noted that high fuel prices are accelerating the transition to electric mobility in its home market. Popular models within this segment include the Skoda Elroq and the VW ID. 4/ID. 5.