More than a decade after Tesla launched the Roadster, electric vehicles (“EVs”) are slowly becoming a common sight on the road. The United States currently has an estimated 1.6 million EVs on the road, and projections put 18.7 million electric vehicles on American roads by 2030. With the market for secondhand EVs sure to grow as demand for EVs increases, a pioneering start-up has started offering a service that will significantly aid car buyers looking for used electric vehicles.
Individuals who want to purchase a used internal combustion engine (“ICE”) car rely on CARFAX for a vehicle history report to analyze the condition of the vehicle and decide whether it is worth buying. Recurrent, a start-up based in Seattle, is looking to avail a similar service in the electric vehicle space. Recurrent plans to offer third-party reports on battery health and range of used EVs, making it the first company offering such a service.
EVs are powered by rechargeable lithium-ion batteries, and as Scott Case, Recurrent CEO says, battery health is the new odometer for EVs. He compares purchasing a used EV without a comprehensive report on battery health and range to buying an ICE car without knowing the odometer reading. To generate these reports, Recurrent will have to collect data from EV drivers, which will be fed to their predictive algorithms.
The company has already collected and stored more than a million data points from nearly 3,000 volunteer drivers. The data set was very diverse, coming from different EVs with different battery configurations, produced by different manufacturers, and operating in different environments. This has allowed Recurrent to feed the data to a predictive algorithm and train it to analyze battery life and project longevity.
Drivers who want to opt into the data-collection program will require a supported automobile having a connected service account that is active, as well as an app. Recurrent supported the Tesla Model X, Model S and Model 3, Nissan Leaf (2016 model and later), Chevrolet Volt, Bolt EV, and Spark EV, BMWi3 (2017 model and later), BMW i8, BMW 5 Series plus the 3 Series PHEVs, Jaguar I-Pace, Volkswagen e-Golf, Chrysler Pacifica HYbrid and the Audi E-Tron as well as A3 E-Tron as of July 2020.
According to Case, the company is offering its data-collection service to drivers for free, save for the cost of data connection. However, car dealers have to pay a monthly subscription to meet the cost of their current and future EV stock for their current and future customers.
Meanwhile, the existing EV models available boast a number of features that their predecessors didn’t have. An example is the FireFly ESV made by ev Transportation Services Inc. This particular light-duty commercial automobile now comes with several accessory bed options as well as a fleet management solution.
NOTE TO INVESTORS: The latest news and updates relating to ev Transportation Services Inc. are available in the company’s newsroom at https://ibn.fm/EVTS
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