The story highlights the significant cost of battery replacement for electric vehicle (EV) owners, particularly those with older models. Phyllis Lau, owning a 2018 KIA Soul EV, faced a $23,000 battery replacement cost when her vehicle's battery failed beyond the warranty period. Despite KIA agreeing to cover half the cost, it remained a substantial financial burden. Similarly, Ken Edwardson, owning a 2011 Lincoln MKZ hybrid, was quoted around $20,000 for a battery replacement, prompting him to reconsider investing in a decade-old car.Olivier Trescases, Director of the University of Toronto Electric Vehicle Research Centre, reassures that complete battery failure is rare, but acknowledges the financial impact on owners when it does occur. He emphasizes the advancements in EV battery technology over the years, making current batteries superior to older models. However, he advises potential EV buyers to consider the age of the battery and its warranty coverage, especially when purchasing used vehicles. In response to the issue, some companies are exploring innovative approaches to alleviate the financial burden associated with battery replacement. VinFast, a new electric car company in Canada, offers a subscription-based model where customers lease the battery separately from the vehicle. This subscription includes battery repairs, maintenance, and replacement costs due to technical defects, providing owners with a worry-free experience throughout the vehicle's lifespan. Lau opted not to proceed with the battery replacement and returned the car to her finance company, potentially facing financial consequences if the car is auctioned off. Ford of Canada directed Edwardson to work with his dealership, but he chose not to proceed with the expensive battery replacement, continuing to use his hybrid vehicle on gasoline power alone. The experiences of Lau and Edwardson underscore the challenges and considerations for EV owners regarding battery replacement costs, warranty coverage, and the evolving landscape of EV ownership models.
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