Comparison of fuel costs for different Kia Soul models.

[JejuSoul]

This is Korean data from http://auto.naver.com/magazine/magazineThemeRead.nhn?seq=17785

Comparing 1./ Kia Soul EV 2./Soul diesel (2016 Soul 'Prestige' model) 3./Soul gasoline (2016 Soul 'luxury M / T')

Price: 1./ 22.5 million won (42.5 million won - 20 million won subsidy) 2./20.37 million won 3./14.23 million won
Fuel Economy: 1./ 5km/kWh 2./ 15km/ℓ 3./11.5km/ℓ
Fuel cost: 1./ 313.1 won per kWh 2./ 1121 won per ℓ 3./ 1362 won per ℓ
Annual expenditure on fuel assuming 20,000km: 1./ 1,252,400 won 2./ 1,494,000 won 3./ 2,368,000 won

In this scenario there is no benefit after 7 years in choosing the Soul EV.
It ignores maintenance costs (no oil changes for the Soul EV), probable rises in fossil fuel prices, and night time charging costs 60 won per kWh.
The downside for the EV is much greater depreciation.

 

[Birkeland]

Price: 1./ 22.5 million won (42.5 million won - 20 million won subsidy) 2./20.37 million won 3./14.23 million won

Kia Soul EV costs almost 3 times as much as the gasoline version without the subsidies?

In Norway, it is a different story:

Kia Soul gasoline Exclusive automatic with metallic paint: 400.000 NOK
Kia Soul diesel Exclusive automatic with metallic paint: 373.000 NOK
Kia Soul EV Exclusive with Metallic paint: 252.000 NOK

Electric cars does not pay any congestion charge (I paid about 10.000 NOK every year with my gasoline car before I got my Kia Soul EV), and we only pay 445 NOK for a yearly registration fee, with is about 3.200 NOK for gasoline and diesel cars.

By my calculations, I have saved about 27.000 NOK (about USD 3.200$) this last year on owning an electric vehicle.

We are also alowed to ride in bus lanes, and we can take ferries for free. We also park for free.

There has been much debate here about EVs having greater depreciation than their diesel/gasoline counterparts, but the opposite has comed to be, due to the high demand of electric vehicles.

Norway has the highest prices of gasoline in the world (about USD 7 for 1 gallon), and electricity is cheap, so for me, owning an electric car is a no brainer

 

[Jon]

Price: 1./ 22.5 million won (42.5 million won - 20 million won subsidy) 2./20.37 million won 3./14.23 million won

Kia Soul EV costs almost 3 times as much as the gasoline version without the subsidies?

In Norway, it is a different story:

Kia Soul gasoline Exclusive automatic with metallic paint: 400.000 NOK
Kia Soul diesel Exclusive automatic with metallic paint: 373.000 NOK
Kia Soul EV Exclusive with Metallic paint: 252.000 NOK

Electric cars does not pay any congestion charge (I paid about 10.000 NOK every year with my gasoline car before I got my Kia Soul EV), and we only pay 445 NOK for a yearly registration fee, with is about 3.200 NOK for gasoline and diesel cars.

By my calculations, I have saved about 27.000 NOK (about USD 3.200$) this last year on owning an electric vehicle.

We are also alowed to ride in bus lanes, and we can take ferries for free. We also park for free.

There has been much debate here about EVs having greater depreciation than their diesel/gasoline counterparts, but the opposite has comed to be, due to the high demand of electric vehicles.

Norway has the highest prices of gasoline in the world (about USD 7 for 1 gallon), and electricity is cheap, so for me, owning an electric car is a no brainer

The rest of the world should be more like Norway!

 

[tractioninc]

Kia Soul EV costs almost 3 times as much as the gasoline version without the subsidies?

In Norway, it is a different story:

Kia Soul gasoline Exclusive automatic with metallic paint: 400.000 NOK
Kia Soul diesel Exclusive automatic with metallic paint: 373.000 NOK
Kia Soul EV Exclusive with Metallic paint: 252.000 NOK

...Norway has the highest prices of gasoline in the world (about USD 7 for 1 gallon), and electricity is cheap, so for me, owning an electric car is a no brainer

In the US, EV ownership is expensive largely because the cost to manufacture EVs is more expensive than ICE cars -- it's a function of expensive R&D, expensive battery tech and low production numbers. As battery prices slowly fall and production number ramp up, EVs will become more cost competitive with their ICE counterparts. That is a few years away yet; around that time EV purchase subsidies in place here today will expire.

Instead of motivating consumers to buy EVs through purchase price subsidies (as in the US), Norway has instead chosen to penalize ICE vehicle ownership through enormous purchase and use taxes. Given that so many people in Norway are following this incentive and moving to EVs, the tax windfall that ICEs currently generate for the government will fade away. At that point, I fear you may find your congestion charge exemptions and other perks evaporate.

 

[Birkeland]

Instead of motivating consumers to buy EVs through purchase price subsidies (as in the US), Norway has instead chosen to penalize ICE vehicle ownership through enormous purchase and use taxes. Given that so many people in Norway are following this incentive and moving to EVs, the tax windfall that ICEs currently generate for the government will fade away. At that point, I fear you may find your congestion charge exemptions and other perks evaporate.

I am afraid you are right. The government is allready speaking of removing some of the incentives. But still, the government has committed to a "green" policy through different international environmental agreements, so it will be seen upon as hippocratic if they start removing all of the incentives. But they will remove some of them for sure.

 

[JejuSoul]

The current subsidy here in Korea for EVs is about 20 million won. The subsidy will be reduced by 3 million won each year. Specifically on Jeju Island which has a target for 100% EV use by 2030 there will be a penalty on ICE vehicles starting once the subsidy finishes.
Most people consider the subsidised price to be the real price. Hence a reduction of the subsidy is seen as the car makers raising prices. To keep up sales the government is encouraging the car makers to reduce prices. Renault was the first to do this dropping the price of the SM3 by 3 million won earlier this year. Kia has just followed suit dropping the price of the Soul EV by 2.5 million won.

There has also been much debate here about EVs having greater depreciation. To encourage sales the government wants the used price of EVs to be stable. The second hand market is still very small here and probably easily manipulated. The price of used EVs has actually gone up recently by 3 million won. Sellers have adjusted the price based on what they think is a price rise in the new cars.

Despite all this EV sales are not doing well this year. In particular the new Ioniq has not been as successful as hoped. For example "...Kia’s compact SUV Niro has been better received by the market than Hyundai’s Ioniq..." see http://www.koreaherald.com/view.php?ud=20160425000858

 

[tractioninc]

Except for Teslas, EV resale values have been terrible in this country too. The good news is that technology is advancing - each new model of EV is substantially improved - but that makes older EVs unattractive to the small segment of buyers who consider buying EVs.