• Electric vehicles are significantly cheaper to operate and maintain compared to their diesel counterparts. Instant cost savings become evident in the lack of spark plugs, oil change, and catalytic converters.  

• According to a report by Drive Electric, electric vehicles typically go 20 miles further than their gasoline counterparts for the same cost, translating into instant cost savings for electric vehicles.

• The primary costs of ownership of company vehicles in North America include depreciation (44%), fuel (22%), repairs and maintenance (17%), and interest, tax, and fees (5%), according to a report by Deloitte.

• The total cost of ownership of electric vehicles after accounting for depreciation and maintenance was found to be as low as $0.18 - $0.25 per mile, which is much lower than the $0.32 - $0.35 for standard sedans.

Class 1 - 4

• Several automakers are set to begin production or introduce electric trucks in this category. Electric trucks from automakers such as Tesla, GM, Lordstown, Rivian, Ford, Bollinger, and Hercules are expected to hit the market between 2021 and 2024.

Class 5 - 8

• BYD, Volvo, and Freightliner are some of the major automakers that have announced their intention to produce or introduce electric trucks in this category in the nearest future.

• BYD is the global leader in battery-electric trucks. Although, it only began offering electric trucks to the public in October 2019. It currently offers class 5 and class 6 trucks.

• Freightliner introduced pre-production models in August 2019 to gauge the feasibility of heavy-duty electric trucks and further refine the finished product with insights obtained from the operations of the pre-production models.

• Volvo plans to introduce electric class 8 trucks by the end of 2020.