Debunking Common Myths About Electric Vehicles
17 February, 2023
Rising fuel prices and climate concerns across the globe are among several reasons people are now choosing Electric Vehicles (EVs) over their traditional fossil-fuel-powered counterparts. However, considering EV technology is still relatively new, there are apprehensions surrounding its ability and adoption. Are these uncertainties real or merely myths that need to be quashed?
Here are some common myths about e-vehicles. Read on to know why you should not buy into them.
1. Myth - EVs are expensive
This is not surprising, as it is a common phenomenon every new technology deal with. While most electric vehicles today are priced on the higher side, this situation is quickly changing, especially in countries like India. Various measures, such as subsidies, are being adopted to bring prices down and make EVs more accessible to the general masses.
Maintenance is perhaps one of the most cost-effective features of electric vehicles as they have more cooling systems, few moving parts and no oil. EVs use a simple, single-speed transmission and avoid components such as valves, spark plugs, fuel tank, distributor, starter, clutch, muffler/tailpipe, drive belts, hoses, and a catalytic converter.
Moreover, when purchasing an EV, some automakers offer a maintenance package to improve the ownership experience. For instance, these packages can include a warranty on the EV's battery or a specific kilometre milestone or even provide roadside assistance.
You can also get tax benefits on your EV Car Loan. Click here to read more.
2. Myth - EV batteries need replacement frequently
The cost of lithium-ion batteries is reducing as countries like India are seriously heading towards significant investments in this field. Presently, EV batteries have about 90 per cent capacity even after driving 2.41 lakh km, which is far more than what you would see on a car's odometer. Even if someone crosses this mark, electric vehicle manufacturers offer a guarantee of up to eight years. It proves that EV batteries have a relatively long shelf life, busting the myth that they require frequent replacement.
3. Myth - Hot weather causes EVs to catch fire, and water wading can cause electrocution
While there have been instances of EVs catching fire, the rumour is grossly exaggerated. In fact, according to a study by NHTSA, the severity and frequency of fires and explosions in lithium-ion batteries are lower than in petrol or diesel-powered vehicles.
As far as hot weather is concerned, it can affect certain types of lithium-ion batteries, such as lithium-cobalt batteries. However, the risks can be alleviated through careful design and advanced battery management systems. Auto manufacturers put EV batteries through intense testing and development to ensure the highest levels of safety and longevity.
Regarding water wading in EVs, just like conventional 2-wheelers and 4-wheelers operate in extreme conditions, you can expect the same with EVs. Auto brands have developed dust and water-resistant batteries, which remain safe even if submerged for 30 minutes in 1m of water. Moreover, charging devices are waterproof, eliminating the dangers of charging or operating in damp conditions.
4. Myth - EVs can't travel long distances
As people are generally hesitant about buying electric cars and bikes due to their short range, the absence of electric vehicle charging stations is viewed as another setback. However, the fact is that in typical day-to-day commuting, people don't need more than 150kms of range as most travel less than 50kms. The EV's battery can be juiced overnight without needing a public charging station. Even better, EV charging infrastructure is rapidly improving in India and around the world. So, not long from now, this apprehension will be reduced to a great extent.
Making the green switch
Electric vehicles have the potential to transform the way we commute and the impact we have on the world, which people are gradually realising. This encouraging fact has led governments, auto manufacturers and even financial institutions to make e-vehicles more accessible in any way they can.
Banks are rolling out EV car loan products to make buying an electric car or bike of your choice easier. HDFC Bank's new Zip-Drive Instant New EV Loan offers up to ₹ 10 crores for the EV you want. Along with 100% on-road financing, you get instant disbursal and repayment tenures ranging from 12 to 96 months. All you have to do is log into your NetBanking account to apply for the EV loan without paperwork or hassles.
Click here to apply for your EV Car Loan today!
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. EV Car Loan at sole discretion of HDFC Bank Ltd. Other charges and taxes as applicable. The offer is unconditionally cancelable without prior notice. Interest rates are subject to change. Please check with your RM or closest bank branch for current interest rates.
