Vehicular transportation around the world is poised for a major transformation as countries finally begin to ditch internal combustion engine (“ICE”) vehicles for cleaner alternatives. Despite all the industrial advancements humanity has made thanks to fossil fuels and the internal combustion engine, it has come at the cost of the planet’s climate.
After decades of belching greenhouse gases into the atmosphere, ICE vehicles have found a successor in electric vehicles (“EVs”). And according to experts, countries will see mass adoption of EVs and significantly increase their chances of meeting their emission standards if they focus their attention on electrifying commercial fleets.
By their very nature, fleets can easily overcome the main issues that have hindered the mass adoption of passenger electric vehicles, including high initial costs as well as insufficient charging infrastructure. Since electric vehicles make it easier to meet emission standards and result in significant cost savings after years of ownership, commercial fleets in nearly every sector have taken to electric vehicles. After electric cars disrupted the decades-long hold ICE vehicles had on transportation, they now have the potential to completely revolutionize fleet management. For starters, all electric fleets will require collaboration across various departments to ensure adequate charging.
Since EVs can take a while to fully charge, fleet managers will have to equitize the workload of their electrified fleets and the charging infrastructure to prevent bottlenecks where a large number of EVs run out of charge at the same time. Workload distribution will become critical once a manager electrifies their fleet, and managers will also have to regularly collect and analyze battery charge status data to develop an optimal charging schedule for their EVs. Fleet maintenance will also have to be updated with an electric fleet. EVs have significantly fewer moving parts because they do not have combustion engines, reducing the amount and cost of maintenance they need. Managers should, however, pay plenty of attention to the battery.
The largest and most expensive component in an EV, the lithium-ion battery determines the range and ultimate lifespan of an electric vehicle. Replacing just one EV battery will cost thousands of dollars, so fleet managers need to be acquainted with their dealers’ battery replacement policies along with the cost, delivery and replacement times to make sure any replacements can be carried out swiftly without impacting work schedules. Finally, businesses that electrify their fleets will have to invest in telematics solutions to monitor the different parameters that come with running an EV fleet. These parameters include battery charge status, battery health, mileage, the charging process and energy recovery.
With companies such as Ideanomics Inc. (NASDAQ: IDEX) involved in bringing innovations to various aspects of the EV ecosystem, including wires charging, the future looks bright for this nascent industry.
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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