The transport sector is increasingly shifting toward electric vehicles (EVs). Yet many businesses hesitate when faced with the higher upfront purchase price. This is where Total Cost of Ownership (TCO) becomes essential, a financial tool that reveals the full picture of lifetime costs, helping executives make better investment decisions. If you’ve ever thought, “EV trucks aren’t worth it because they cost more than diesel,” you may be overlooking the potential to save millions in the long run.

TCO Analysis: Revealing the True Picture

Total Cost of Ownership (TCO) is a financial analysis tool that looks beyond the purchase price, providing a complete picture of all expenses over the lifetime of a vehicle. For commercial transport, TCO includes the purchase price and taxes, energy costs, maintenance expenses, taxes and fees, residual value, and the cost of charging infrastructure.

Benefits of Using TCO Analysis

• Accurate comparisons – Goes beyond purchase price, highlighting long-term savings that EVs can deliver.
• Real benefits quantified – Lower energy costs, reduced maintenance, and available tax incentives.
• Clear payback period – Identifies when EV investment becomes more cost-effective than diesel, enabling smarter long-term planning.

EV Truck vs. Diesel Truck: A TCO Comparison

A simple TCO formula is:

TCO = Purchase Price + Operating Costs – Residual Value

This allows businesses to compare options such as EV vs. diesel trucks, or even purchase vs. leasing scenarios.

Example: 200 km/day usage over 5 years

Diesel Truck 

Purchase price: THB 2,500,000 

• Operating costs include:
  • Fuel: 5 years × 365 days × 200 km/day × THB 5/km = THB 1,825,000*
  • Maintenance: 5 years × THB 9,000/year = THB 45,000**
  • Compulsory Motor Insurance (6-wheel truck): 5 years × THB 1,310/year = THB 6,550***
• Residual value (after 5 years): THB 1,250,000 (assumed at 50% of purchase price)
• Total 5-year TCO: THB 3,126,550

* Average diesel fuel cost of THB 5/km, based on fuel consumption of 6-wheel trucks ~6–8 km/l and diesel B7 price ~THB 31.94/l (as of Aug 2025), equivalent to ~THB 3.99–5.32/km.

** Annual maintenance cost of THB 9,000/year, based on average actual expenses of 6-wheel diesel trucks across different brands, depending on model, usage, mileage, and maintenance packages.

*** Compulsory Motor Insurance for 6-wheel trucks (gross weight over 6 tons but not exceeding 12 tons), priced at THB 1,310/year.

EV Truck

Purchase price: THB 2,500,000

• Operating costs include:
  • Electricity: 5 years × 365 days × 200 km/day × 1.5 kWh/km × THB 3/kWh = THB 1,642,500*
  • Maintenance: 5 years × THB 6,000/year = THB 30,000**
  • Compulsory Motor Insurance (6-wheel truck, gross weight over 6 tons but not exceeding 12 tons, priced at THB 1,310): 5 years × THB 1,310/year = THB 6,550***
• Residual value (after 5 years): THB 1,250,000 (assumed at 50% of purchase price)
• Total 5-year TCO: THB 2,929,050

* Electricity cost calculated for a minimum 5-year use, averaging 200 km/day, with a consumption rate of 1.5 kWh/km (based on MEA TOU Off-Peak electricity rate of THB 3/kWh).

** Average maintenance cost of THB 6,000/year, based on actual expenses of 6-wheel EV trucks across different brands, depending on model, usage, mileage, and maintenance packages.

*** Compulsory Motor Insurance for 6-wheel trucks (gross weight over 6 tons but not exceeding 12 tons), priced at THB 1,310/year.

Key Finding:

The EV truck saves THB 197,500 over 5 years, despite the same upfront cost. With lower energy and maintenance expenses, EVs typically reach payback in 3–4 years, depending on daily mileage.

Banpu NEXT: Commercial EV Fleet Leasing for Your Business

Make the shift to electric transportation without the weight of large upfront investments. With Banpu NEXT’s long-term EV truck leasing and full maintenance services, your business can enjoy better cash flow, predictable costs, and easier budgeting.

To ensure a seamless transition, we also provide integrated solutions such as:

• Nationwide Charging Network – High-speed charging stations along key logistics routes to support long-distance EV truck operations.
• Smart Digital Platform – An AI-powered system that boosts transport efficiency, optimizes route planning, and reduces overall costs.
• Customized EV Fleet Leasing Consultation – Tailored advice based on your business needs—whether usage patterns, mileage, or transport frequency—to make sure your transition to EVs aligns with both short- and long-term goals.

Smart EV Decisions Require Full Lifecycle Analysis

Switching to EV fleets is an investment in the future. With TCO as your guide, you can see the true financial benefits of electric trucks.

Banpu NEXT is ready to help businesses plan their transition to electric fleets with solutions tailored to your specific needs.

[Banpu NEXT – Contact Us]

References: 

• Total cost of ownership: Diesel vs. electric trucks
• Why a truck’s total cost of ownership is so vital when it comes to alternative drivelines
• A total cost of ownership comparison of truck decarbonization pathways in Europe
• Total Cost of Ownership: How It’s Calculated With Example
• Spatial and Temporal Analysis of the Total Cost of Ownership for Class 8 Tractors and Class 4 Parcel Delivery Trucks
• How to Better Predict your EV Fleet’s Total Cost of Ownership