ATLANTA, Sept. 21, 2020 /PRNewswire/ -- 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 EV interest for both consumers and fleets.
- 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 – a belief consistent with Cox's long-term commitment to sustainability and driving positive change for our planet.
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.
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
SOURCE Cox Automotive Mobility Group