A large portion of the world is quite keen on replacing fossil fuel vehicles with zero-emission electric vehicles (“EVs”) amid the increasingly apparent effects of climate change and global warming. Although several territories have pledged to steadily reduce internal combustion engine (“ICE”) vehicle sales over the next few decades, EV adoption is still significantly low. Electric vehicles tend to be too expensive for the average consumer, and charging can be quite a hassle thanks to an insufficient and often unreliable public charging network, hindering the adoption of passenger electric vehicles by individual drivers.
Fleets, however, can avoid these pitfalls thanks to the organizations that own and run them. A company or a municipality will be more likely to afford electric cars for its fleet and can install EV chargers at a single location and charge the EVs overnight.
But why should fleets electrify their vehicles? EVs are fairly expensive, after all, and adjusting from ICE cars to EVs can pose a challenge to drivers with years and even decades of experience with a combustion engine car, so what are the benefits of electrifying commercial vehicle fleets?
Fuel savings. If you compare fuel prices to electricity charges, you will find that it costs less to charge an electric car than it costs to fuel an ICE vehicle. For instance, a driver paying $3 per gallon to fill a car that consumes fuel at the rate of 30 miles per gallon would spend an average of around 10 cents per mile to fuel their car while an EV driver charging at a cost of 10 cents per KWh would spend about three cents per mile. That’s three times less than it costs to fuel an ICE vehicle.
Maintenance savings. Electric vehicles are simpler than ICE vehicles and contain relatively few moving parts. In addition, because of features such as regenerative braking, the vehicles experience wear and tear at a much slower rate. Currently, commercial fleets that are already operating EVs are reporting maintenance costs savings of up to 50%. Thanks to reduced fuel and maintenance costs, fleet managers can expect to see significant savings over the vehicles’ lifetimes.
Corporate sustainability. With governments around the world rolling out increasingly restrictive emission standards for automakers and fleets, EVs provide a sustainable way for these entities to meet these requirements as they produce zero emissions. If the electricity used to power the fleet is generated from clean, renewable sources, running an EV fleet would consequently result in insignificant lifecycle emissions of greenhouse gases.
Employee retention. Fleet drivers seem to enjoy driving EVs. Commercial fleets with plug-in EVs have reported improved performance by employees, higher levels of satisfaction and better retention. Truck drivers especially appreciate the smooth and quiet experience of driving EV trucks, and fleet drivers using EVs say they like the fact that the vehicles they operate do not produce greenhouse gases.
Operational benefits. Running an EV commercial fleet will eliminate trips to the gas station, reducing downtime for employees, especially those who deliver parcels in dense urban areas. Additionally, utility and other service vehicles have reported reduced ambient noise at the worksite as well as a generally safer work environment, thanks to electronically powered buckets.
These benefits have prompted plenty of companies, including Ideanomics Inc. (NASDAQ: IDEX), to take up the challenge of facilitating the switch of commercial fleets from fuel-guzzling trucks to electric versions.
NOTE TO INVESTORS: The latest news and updates relating to Ideanomics Inc. (NASDAQ: IDEX) are available in the company’s newsroom at https://ibn.fm/IDEX
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