Fleet News

Electric vehicle study shows cost increase

Electric car plugged in to a charge point

The cost of electric vehicle (EV) base models has risen by 18% since 2013, according to research from Cap HPI.

However, it says drivers are now enjoying significantly more technology and performance to compensate for the higher investment.

The analysis shows that selected EVs have 48% more battery life, almost two thirds (60%) extended range and a quarter (23%) improvement in higher engine performance.

The research reviewed base versions of the BMW i3, Kia Soul Electric, Nissan Leaf and Renault Zoe. All of the automobiles reviewed fell into a price range of £18,000 to £35,000.

The number of models in this category has jumped 360% since 2012 to now account for 23 models and 132 derivatives.

To accommodate this growing sector and meet market demand, Cap HPI has made significant increases in the data volumes available for battery electric vehicles over the past 12 months.

The company has also added new data fields including battery capacity and fast charging information during a recent major upgrade of EV data.

The increase in data volume and accessibility will empower the automotive industry to provide more accurate vehicle identification and drive accurate valuations, the total cost of ownership figures and a host of other data services, says Cap HPI.

Jon Clay, head of vehicle identification at Cap HPI, explained: “We continue to invest and innovate to ensure the industry has the depth and accuracy of data required to work efficiently.

“Advancements in technology mean the process of harnessing new vehicle data is speeding up and can be used in new ways to drive a digital customer journey.

“The pace of changes continues to accelerate with the number of EV derivatives doubling in the last year.

“As technology advances, Cap HPI will continue to look at new ways to use the data for the benefit of customers across the supply chain.”

The EV data offers a detailed list of fields to cater for several variables within the category. As an example, there are four stages of battery charge speed relating to all the different manufacturer information along with more standard fields.

The new set of fields is available in three formats in total, NVD SQL, NVD CSV (Car Enhanced Technical CSV) and NVD JSON (Car Enhanced Technical) JSON and will receive updates alongside the standard engine types currently available.

The EV content is also available through Cap HPI web services, Valuation Anywhere and cap Connect.

Click here for electric cars and hybrids best practice and procurement insight

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