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At Renault Retail Group, we're passionate about the future of electric vehicles (EVs). With more than a decade of EVs on our roads and billions of battery powered miles logged, it's clear that electric cars are here to stay and continue to evolve. However, like any new technology, EVs have gathered their fair share of misconceptions and urban legends. In our ongoing series, we're committed to charging up the truth and dispelling these myths with real world facts and data. Let's tackle some of the latest ones!
This one has certainly made some dramatic headlines, particularly in a couple of UK newspapers. Stories about heavy EV batteries putting multi storey car parks at risk of collapse have circulated, causing unnecessary concern.
But let's be clear: we can find no evidence that any bridge or multi storey car park has ever collapsed or even been damaged due to heavy EVs. If you delve into these articles, you'll notice a lot of speculative language – "ifs," "could," "possible," "at risk," "the potential for" – without any factual backing.
A major car park association even confirmed that this myth likely originated from a hypothetical question posed by a journalist to an engineer, whose responses were then taken out of their hypothetical context. He absolutely did not state that any collapses had occurred.
Consider this: there are already plenty of heavy SUVs (often weighing around two tonnes) parking in multi storeys, including older ones from the 1960s. And on our roads, 44 tonne HGVs are a common sight, exerting far more pressure than a single EV. One articulated lorry, for instance, is equivalent to around 22 EVs in weight!
There was also a rumour that heavier EVs cause more pothole damage, citing research by the University of Leeds. The university quickly distanced itself, stating the research was misrepresented and that they had requested a correction.
So, rest assured, your EV isn't going to bring down the car park.
This couldn't be further from the truth! In reality, spent EV batteries are far too valuable to be simply discarded.
A quick look on eBay will show you just how sought after old EV batteries are – selling for thousands of pounds! This high value is because EV batteries can be recycled again and again, not just for new EVs but also for static energy storage, which is a growing market. Minerals like cobalt, nickel, manganese, and lithium are highly prized, and up to 95% of them can be extracted during the recycling process, ready for reuse by car manufacturers.
The global EV battery recycling industry is projected to be worth an impressive $6.8 billion by 2028. There are numerous EV battery recycling companies in the UK and USA that are actively seeking spent batteries to meet demand. There's also an interesting irony: EV batteries are lasting much longer than initially expected, which further contributes to their high resale and recycling value.
So, you certainly won't be seeing any dumped EV batteries in landfill anytime soon!
There's definitely some truth to the idea that EV insurance premiums have been higher, but it's a nuanced picture. A 2023 study by Auto Express found that EV premiums were, on average, between 10.4% and 20% higher than equivalent combustion cars. Some Teslas, for example, did cost more to insure than similar Audi or BMW ICE models, largely due to higher parts costs.
However, it's crucial to understand the broader context. According to the Association of British Insurers, insurance for all cars, regardless of fuel type, increased by 25% in 2023/2024. This general rise is due to factors like increased vehicle theft, claim inflation, and ongoing delays in parts supplies (a lingering effect of Covid) which hike up the costs of replacement car hire.
We've spoken to insurance brokers and EV specialist repairers, and they point to a lack of understanding by insurers regarding battery technology, reparability, and a shortage of trained EV repairers as key reasons for higher EV premiums. There's also evidence of some insurers writing off EVs for relatively minor battery pack damage because used parts from damaged EVs can command high prices.
Perhaps the greatest irony is that some insurers themselves appear to have bought into some of the very myths we're debunking, showing concerns over EV fires, battery degradation, and complex repairs. This misinformation is influencing perceptions across both industry and consumers, potentially slowing down EV adoption.
The good news is that we all agree EV insurance premiums definitely need to come down in the future. As understanding grows and infrastructure develops, we expect these costs to stabilise.
At Renault Retail Group, we're here to provide you with all the facts about EVs, helping you make an informed decision for your next vehicle. The future of driving is electric, and it's looking brighter than ever!