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MAYBE WE SHOULD MAKE WORSE EVS

MAYBE WE SHOULD MAKE WORSE EVS

28/10/24, 12:00

David Dent - Head of Strategy

The EV industry has seen numerous startups rise and fall. Companies like Fisker and Arrival seemed promising but ultimately couldn't sustain their business - not because they made bad vehicles, but because they were trying to compete with traditional automakers without a financial safety net. Unlike legacy automakers, who benefit from established revenue streams from aftersales, parts, and services, these startups lack the steady income to sustain new technologies' costly development. The reality is, that replicating the old business models of established car manufacturers isn't enough to survive in this challenging industry.

Electric vehicles are undeniably impressive. They are powerful, silent, and packed with advanced technology. I love my EV - it's probably one of the best cars I've ever owned, packed full of cutting-edge gadgetry. But there's a catch: it cost upwards of £50,000. This luxury price tag and perception that it's a high-risk purchase is part of why EV adoption has been slow for many consumers. Maybe it’s time to consider a different approach - maybe we should make worse EVs.

Now, I don't mean worse in terms of reliability or aesthetics. I mean simpler, more affordable, and more accessible. In our effort to make EVs luxurious, high-tech machines, we may have overlooked a significant opportunity to broaden the market. We could strip out the luxury and focus on the essentials: make them slower, lighter, and reduce the range. Most of us rarely need a car that can drive 300 miles without a charge, and many of us already have a smartphone that can handle most of the car's infotainment needs.

Think about it - a basic EV, without all the bells and whistles, would still be silent, comfortable, and, importantly, affordable. Imagine a low-cost, entry-level car with a simple, long-lasting battery that people could easily charge at home. If this car also came with an affordable monthly subscription model, it could reduce the financial barriers that are keeping people from going electric. We don't think twice about paying £1,000 for a phone. We think about the monthly cost packaged up with airtime charges. It’s not just about making cheaper cars, it's about changing the ownership model entirely. A low-cost monthly payment plan, combined with technology centred around a mobile phone - which we all already own - could make EV ownership much more accessible. Surely £200 per month, charging included, might even tempt the most staunch petrolhead. The option to upgrade the car's capabilities through apps, similar to how we upgrade our phones, could further enhance this model. It would be less about luxury and more about practicality - bringing EVs to everyone, much like how Henry Ford once brought cars to the masses.

Maybe there’s a different path. By rethinking the product and making EVs simpler and cheaper, new manufacturers could attract a broader customer base. It could be about plug-and-play customisation - letting people personalise or upgrade their car's interior, seat materials, speakers, or even exterior wraps - offering a base vehicle that's both accessible and adaptable. Revenue could come from apps, services, and creative personalisation rather than simply the upfront cost of a high-end car.

Making EVs “worse” in this way doesn’t mean compromising on quality - it means prioritising affordability and accessibility. It’s about giving more people the chance to own an electric vehicle and making the leap to electric mobility a little less daunting. In doing so, we might just unlock the kind of rapid growth the EV sector needs to truly change the world.

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