It’s time to dispel EV myths and charge ahead
London is charging ahead on the road to net zero and electric vehicles (EVs) are right at the heart of it.
As of April 2025, the capital boasts over 4,500 rapid chargers, accounting for more than a third of the UK's high-speed charging infrastructure. With 233 public chargers per 100,000 people, London leads the nation in charger density, making it easier than ever for Londoners to go electric.
The city's commitment doesn't stop there. Barnet Council recently announced plans to roll out up to 1,000 new on-street charge points, further expanding access for residents, and they likely won’t be the last to do so.
Yet despite their rising presence on our roads, myths about EVs being too pricey, unreliable or running out of charge mid-journey are still putting people off.
A recent study from BYD UK shows plenty of drivers still think EVs need gearboxes or that they wear out faster than petrol or diesel vehicles. These misconceptions are slowing down the shift to cleaner transport.
At Lloyds, we’re helping thousands of people make the switch, financing one in eight of all EVs on UK roads. We’ve seen first-hand how EVs are smashing those old assumptions.
So let’s set the record straight. Here are three of the biggest EV myths and why it’s time to leave them in the rear-view mirror.
Myth: EV batteries need replacing after a few years
This myth is particularly stubborn and one of the most inaccurate.
Modern EV batteries are designed for longevity. In the UK, every new EV comes with a standard eight-year, 100,000-mile battery warranty, guaranteeing at least 70% capacity during that period and many perform well beyond it.
Need proof? A nine-year-old Tesla Model S from our fleet took part in the 2024 GreenFleet EV Rally. With over 250,000 miles on the clock, it completed a 1,500-mile journey without a hitch - still running on its original battery, motors and drivetrain. Tesla’s own data shows batteries retain around 88% of their capacity even after 200,000 miles.
These aren’t hypotheticals, they’re real-world results that show how robust EV batteries truly are.
Myth: EVs cost more to maintain
Based on actual maintenance figures over four-year lease terms, EVs can be up to 49% cheaper to maintain than their petrol or diesel equivalents.
Why the difference? EVs have fewer moving parts, no oil changes and reduced brake wear, thanks to regenerative braking. Further reports from companies like Tusker back up our numbers, showing that EVs can be 32% cheaper to service than traditional cars.
Once you move past the initial purchase or lease cost, EVs can often turn out to be the more affordable option over time.
Myth: EV drivers are constantly getting stranded
Our data shows that ‘out of charge’ issues made up just 1.85% of breakdown callouts for EVs in 2024. Drivers are adapting fast with smarter route planning and a fast-growing charger network.
London is leading the way in charger roll out, adding 1,084 new public charge points in the last year - the biggest increase of any region.
And the rest of the country isn’t far behind, across the UK there are now over 79,000 public chargers, making it easier than ever to top up on the go.
Most new EVs now also deliver around 275 miles on a full charge, that’s enough to drive around the M25 more than twice. High-end models go well over 400 miles. Our own EV fleet averages just under 300 miles per charge, comfortably above the distance of 99% of UK journeys, which are under 100 miles.
What the future looks like for EVs
The EV landscape is evolving rapidly. Charging infrastructure is expanding, battery tech is improving and the real-world performance of EVs continues to outshine outdated assumptions.
However, to unlock the potential of electric transport we need to stop perpetuating the myths that are putting drivers off EVs.
As someone who works closely with drivers and fleets every day, I can say this with certainty: EVs are no longer an experiment. They’re proven and practical.
It’s time we left the myths behind.
Nick Williams is Managing Director Transport at Lloyds Banking Group
