Solera data unpicks EV versus ICE repair costs
21st November 2023Tweet
Solera has announced findings of global research comparing the repair cost trends of electric vehicles and internal combustion engines.
The study, which focused on the Hyundai Kona EV and its ICE model counterpart, considered data from 20 countries, examining more than 92,000 repair estimates between January 2021 and August 2023.
It found that, overall, EV repair costs are 29% higher while EV parts costs are 48% higher on average. Meanwhile, driver airbag systems were replaced eight per cent more frequently on EVs, rear bumper absorbers were replaced 1,390% more frequently on EVs and rear bumper reinforcements were replaced 14% more frequently.
John Felahi, Solera’s Head of Global Data Science, Analytics and Data Business, said, “There’s been a lot of industry speculation as to why EV repair costs are more expensive than ICE repairs. The findings from Solera’s landmark research offers a first-ever look at key elements shaping EV versus ICE repair costs with a goal of helping the collision repair industry to better understand some of the trends and anomalies that can be optimised to enhance their business.”Tweet