Solera Holdings, LLC has unveiled the results of a comprehensive global research study examining repair cost trends for electric vehicles (EVs) compared to their internal combustion engine (ICE) counterparts. The analysis, conducted across 20 countries using Solera’s global claims database, involved approximately 92,000 repair estimates for a Hyundai Kona EV and its ICE model counterpart from January 2021 to August 2023. The study revealed that, on a global scale, EV repair costs are 29% higher on average than ICE repair costs. Furthermore, EV parts costs are 48% higher per estimate, with EV battery system repairs representing the highest part cost item. The findings aim to provide valuable insights into the factors influencing EV versus ICE repair costs, offering the collision repair industry an opportunity to optimize strategies and enhance business operations.
Solera’s research highlighted specific trends, including an 8% higher frequency of driver airbag system replacements and significantly more frequent replacements of rear bumper absorbers and reinforcements in EVs. Despite the higher repair costs, the study also noted a positive aspect for EVs, with significantly lower collision and property damage liability claim frequencies compared to their conventional counterparts, as indicated by the Highway Loss Data Institute (HLDI).
While collision and property damage claim severity for EVs was higher, only the property damage increase was deemed significant. The research aims to contribute to a better understanding of the evolving landscape of EV repairs as the automotive industry continues its transition towards electric vehicles.
Read more: https://lnkd.in/gPu7DPj4
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