Electric vehicles depreciate when the battery begins to fail. At this moment, electric vehicles’ value is so small that similar gasoline cars would be more valuable. The factors promoting this trend include the low quantities of electric cars in the market, few individuals ready to try this new technology instead of the ICE cars they have vast knowledge about, and insufficient data detailing the electric vehicle’s durability batteries. The solution for those who fear buying electric vehicles is to try the Recurrent company, which gives data about the electric vehicle batteries’ durability for the vehicles that consumers want to purchase. In simple terms, Recurrent is like a Carfax electric vehicle battery report provider offering details about the vehicles that these customers may want to purchase without having to incur high upfront costs. The chief executive of Recurrent, Scott Case, stated last year that the life of the battery in an electric vehicle is the determinant that people should observe before buying them.
Recurrent marketed itself worldwide mid last year, obtaining $3.5 million start up capital to authorize its unique verification technology. This fundraising hosted numerous investor companies and the Washington bigwig called the American Automobile Association (AAA). Green Car Reports indicates that AAA Washington and Recurrent penned an agreement to develop a pilot project that would look into the battery health of electric vehicles underutilization and compare the details with the durability of batteries in similar vehicles. The subscribers who will be participating in this research provide details for Recurrent to outline the depreciation of the batteries’ quality and compare it with the provisions provided by the manufacturing company. These participants will also be receiving education concerning their batteries’ maintenance to ensure that these vehicles remain stable for them to receive value for the cars when consumers purchase them as used cars. Case explained to Green Car Reports that battery health could impede the uptake of used electric vehicles sequestering the profits that sellers would have enjoyed.
Additionally, Recurrent is collaborating with Smartcar to encrypt every portion of the company’s algorithm for collecting their research data concerning charging status, mileage ranges for the vehicles in a single charge, odometer, and battery level. The electric vehicles in good condition have been allowed to participate in this program as long as they have a contract with the research company. Over 2000 electric vehicle owners have volunteered to participate in the program, with more expected to join to enlarge Recurrent’s database.https://atlanticfinancialmanagement.co.uk/