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PRESS RELEASE: A new white paper BEV Battery Health Report / TWAICE, Autovista Group, TÜV Rheinland
The Autovista Group, TWAICE and TÜV Rheinland are jointly investigating the influence that better or worse treatment of the battery has on the residual value of battery electric vehicles
The Autovista Group, TWAICE and TÜV Rheinland jointly publish a white paper on the signaling effect of Battery Health Reports on the marketing of used battery electric vehicles. In addition to age and mileage, the driving profile has a significant impact on how long a battery lasts. As long as it is not documented how a driver treated the battery, the residual value remains below its full potential.
Frankfurt / Munich / Cologne – [3rd June 2020] – A new white paper from TWAICE, TÜV Rheinland and the Autovista Group shows how Battery Health Reports can create economic added value for the automotive industry.
In markets where experts have to be consulted to assess the actual quality, information asymmetry reduces the potential for added value and economic success. A good example of this is the search for a hotel. We cannot judge the quality and trust credible reviews. Better ratings increase willingness to pay. The used car market is another prime example of such a market. Without strong signals, such as guarantees and used car programs, a used car buyer will struggle to judge the true quality of the product. Buyers would expect less quality and would pay less.
„Used car programs and extended warranties are already helping to balance the asymmetry of information between buyers and sellers. But the battery electric vehicle is a new challenge for the market,“ said Christof Engelskirchen, chief economist at the Autovista Group. „We know that the treatment of the battery during its lifespan has a significant impact on the range and thus the everyday benefits. However, there is still a lack of systematic transparency in the market regarding battery quality and battery usage.“
Dr. Matthias Schubert, Executive Vice President Mobility at TÜV Rheinland, adds: “Various long-term tests have shown us that batteries of electric vehicles can age individually, ie very differently, depending on the specific usage profile. An evaluation of the remaining capacity and the expected service life is crucial for determining the residual value. ”
The Munich-based company TWAICE has the technology with which they can make the effects of different treatment of the battery over the life cycle transparent on the quality. „We create a digital twin of a battery and simulate the effects of operating conditions, driving style and charging behavior,“ says Jonas Keil, Senior Battery Engineer at TWAICE. “Many underestimate the impact of battery operation. In our scenario, a battery that has been poorly used provides a five percent shorter range after three years and 45,000km mileage – and this gap will only widen because the lost battery capacity cannot be restored. ”
The Autovista Group has simulated that an increase in battery quality due to better battery handling increases the value of the used car. This would generate around € 450 more for a three-year-old battery-powered electric vehicle in the “Golf” segment in Germany. „This corresponds to an economic added value of EUR 4.5 million for every 10,000 used battery electric vehicles sold – for the benefit of all market participants,“ explains Christof Engelskirchen.
A challenge remains, says Lennart Hinrichs, Commercial Director at TWAICE: „We are now working on using our battery analysis to establish Battery Health Reports as the standard in the industry.“
The full potential of a Battery Health Report can only be exploited if information about battery treatment is available as a standard data element in every used car transaction, similar to information about age, mileage and equipment.
„We are continuously working on improving the coverage of relevant residual value influencing factors. Data on battery use and quality would enrich our data sets effectively if we analyze the residual values for electric vehicles,“ says Andreas Geilenbrügge, Head of Valuations & Insights at Schwacke GmbH, Germany Subsidiary of the Autovista group.
Information from Battery Health Reports can be recorded and analyzed as factors influencing the residual value. This enables them to be included in the pricing and negotiation. All market participants would benefit from it.
For more information on how Battery Health Reports can add value to the automotive industry, download a FREE copy of our shared white paper or contact us at +49 69 808839 76
About Autovista Group
The Autovista Group and its strong brands Autovista, Eurotax, Glass’s and Schwacke provide decision-makers in the European automotive industry with comprehensive insights into the pricing and equipment of vehicles on the new and used car market. Our experts and statisticians have access to all data and technologies to offer our customers an independent 360-degree view of the market. We support them in optimizing prices and equipment, when and where they sell and how they deal with risks.
About TWAICE
TWAICE offers predictive analytics software that optimizes both the development and operation of lithium-ion batteries. The core technology of TWAICE is the digital twin – a software that uses artificial intelligence to determine the battery status and forecast aging and performance. This makes it possible to make complex battery systems more efficient, more sustainable and more reliable. As a leading provider of battery analysis software for global companies in the mobility and energy sector, TWAICE increases the lifespan, efficiency and sustainability of products that drive the economy of tomorrow. More information at www.twaice.com
About TÜV Rheinland
Safety and quality in almost all economic and life areas: This is what TÜV Rheinland stands for. With more than 20,000 employees and an annual turnover of 2 billion euros, the company founded around 150 years ago is one of the world’s leading inspection service providers. The highly qualified experts from TÜV Rheinland check technical systems and products around the world, support innovations in technology and business, train people in numerous professions and certify management systems according to international standards. The independent experts thus create trust along global goods flows and value chains. TÜV Rheinland has been a member of the United Nations Global Compact for more sustainability and against corruption since 2006. Website:www.tuv.com
Download here: The Power of Signaling – How Battery Health Reports will support remarketing of used Battery Electric Vehicles (BEVs)
