ATLANTA, Sept. 21, 2020 – While the electric vehicle (EV) market will take a hit in 2020, it will be more of a stall out than a vanishing act. Electric adoption is inevitable, but its pace is a big question. The latest white paper from Cox Automotive Mobility, titled COVID-19 Recovery: Speed Bump or Accelerant for the EV Market?, addresses the tailwinds, headwinds and whirlwinds impacting the EV future in the wake of the pandemic.
“While we may experience a short-term dip in EV growth due to COVID-19, many factors set a course for a positive long-term trajectory,” said Lea Malloy, head of research and development, Cox Automotive Mobility. “Ultimately, cross-industry collaboration will facilitate EV advancement and consumer adoption. At Cox Automotive, our goal is to enable this new market in support of a closed-loop service ecosystem together.”
The following core themes are highlighted in the Cox Automotive Mobility EV white paper:
- Real and Perceived Costs are Major Roadblocks – From understanding maintenance costs and battery life to the availability of incentives, education is paramount to driving consumer EV interest.
- Charging Infrastructure is Big Bottleneck – Access to EV charging nationwide will continue to play a critical role in consumer purchase and adoption, as well as the transition to an all-electric fleet future.
- Averting Unintended Consequences – The industry needs to move quickly to advance capabilities to extend battery first life and provide appropriate end-of-life options to protect our communities and the environment.
Supported by various industry resources, as well as industry-leading Cox Automotive research and market intelligence, including the 2019 Cox Automotive Evolution of Mobility Study: The Path to Electric Vehicle Adoption and ongoing COVID-19 Impact Study, this detailed report concludes with a perspective from Cox Automotive Mobility on the key opportunities to drive EV adoption and growth.
- Battery health and certification capabilities. Evolve existing partnerships with traditional and new EV OEMs by providing battery health and certification services.
- Standardization where possible. From cells to packs, to transport packaging to charging infrastructure – standardization can simplify EV battery production, ownership and service experience and reduce costs.
- Consumer education. Continuous and up-to-date education on electric vehicles for purchase and in-life support; easy EV shopping experiences.
The Cox Automotive Mobility EV white paper is available for download at www.coxautoinc.com.
About Cox Automotive Cox Automotive Inc. makes buying, selling, owning and using cars easier for everyone. The global company’s 34,000-plus team members and family of brands, including Autotrader®, Clutch Technologies, Dealer.com®, Dealertrack®, Kelley Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto® and Xtime®, are passionate about helping millions of car shoppers, 40,000 auto dealer clients across five continents and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with annual revenues of $21 billion. www.coxautoinc.com
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