The Kia is only the latest example of how expensive electric tech currently is. Just compare the price for an electric Niro with another Niro; a petrol-electric hybrid version costs S$122,999 here, which means the price for trading even an advanced hybrid drivetrain for a pure EV setup comes to S$61,000 - enough to give electric car fans a nasty jolt.
At the other end of the EV market, the Jaguar I-Pace costs S$352,999 and up, making it over S$100,000 more expensive than the F-Pace, a comparable fossil fuel car. The Boston Consulting Group estimates that an EV's powertrain accounts for half the total vehicle's cost, compared to just 16 per cent for a combustion-engined car's oily bits. The consultancy reckons that lithium-ion battery packs, the kind that power the Kia, Jaguar and all, cost US$195 per kilowatt-hour in 2018.Many cars cost less than that in their entirety - Cycle & Carriage pays Kia S$11,673 for the most basic version of the Cerato, the brand's smallest sedan here.
That is the maximum rebate amount, but with pricey technology providing such a high taxable amount to begin with, it might be said that EVs give the authorities a chance to taketh far more than they giveth back. On the other hand, JP Morgan predicts that China's domestic car makers could produce compact EVs at the same cost as combustion ones as early as next year.