By Poorvak Kapoor
EVs are the automotive industry’s answer to the mobile phone’s technological leveling for consumers. Soon, even rickshaw-wallahs and truck drivers will enjoy luxury sedan tech. This isn’t just a dream; it’s reality. The average EV excels in software prowess for predictive maintenance and ownership enhancement. Even, financing an EV is now easier than ever, thanks to technology integration, which revolutionizes car-buying. While traditional ICE vehicle financing involves a lot of paperwork and rigid terms, EV financing with heavy software integration offers personalized, streamlined options. Utilizing advanced data analytics, EV financing ensures quick approvals and competitive rates, setting a new benchmark in automotive financing.
Imagine someone driving an electric vehicle, where integrated predictive models swiftly identify any performance anomalies, alerting the driver and the service center before they escalate into breakdowns. This starkly contrasts some ICE vehicles, where issues may often go unnoticed and could lead to costly repairs.
Integration of software & technology not only addresses key concerns such as performance and financing but also contributes to a seamless and enjoyable ownership experience, thus driving the widespread adoption of electric vehicles helping India realize its ambitious goal of achieving 30% electric mobility by 2030.
Data-Driven Evolution of Electric Vehicle Ownership Experience
The perceived challenge of limited performance in EVs compared to ICE vehicles remains a barrier to widespread adoption. Software solutions promise to enhance EV performance through personalized driving adoptions by adding powertrain optimization, predictive maintenance, firmware updates, and over-the-air (OTA) capabilities. In India, EV manufacturers adopt a
data-centric approach to improve ownership experiences, utilizing data on driving patterns, battery status, and charging state.
One standout example is mobile and web applications real-time vehicle tracking and analysis. Approximately 80 to 90 percent of retail customers actively use these apps, for real-time tracking, for fleet and vehicle insights, and complete fleet management. Talking from the commercial EV fleet operators’ perspective, data on driving patterns can be invaluable. It allows them to optimize route planning, develop charging schedules, and implement targeted training programs for drivers, promoting safer and more efficient driving practices.
Leveraging Data for Predictive Maintenance
Software plays a crucial role in optimizing services for EVs, enabling predictive maintenance to identify potential issues before they escalate, ensuring uninterrupted vehicle operation, and enhancing reliability, efficiency, and longevity. AI automates tasks like code generation and bug detection, while ML techniques like predictive maintenance revolutionize vehicle upkeep.
Moreover, the utilization of data-driven solutions extends into valuation strategies. By analyzing battery health, usage patterns, and performance, EV manufacturers can accurately predict battery degradation and offer innovative pricing models such as “Battery as a Service”. Also, OTA updates ensure vehicles remain up to date with the latest features and security enhancements, ultimately driving reliability and overall performance improvements in the EV ecosystem.
Overall, software-driven predictive maintenance and service optimization are instrumental in enhancing the reliability, efficiency, and longevity of electric vehicles in India.
Transforming EV Financing Through Data Analytics
In addition to enhancing operational efficiency, software integration plays a crucial role in revolutionizing EV financing in India. Unlike traditional automobile financing, which often relies heavily on credit history, EV financing needs to cater to a diverse customer base, including individuals who may be new to credit or have limited credit history. This underscores the importance of specialized financing programs.
Collaborations with financing partners enable quick, smart, and affordable solutions, leveraging data insights for a comprehensive understanding of EV usage patterns, performance metrics, and maintenance records. Financiers can utilize this data to predict depreciation, estimate residual values, accurate risk assessments, and personalized services. Through comprehensive vehicle history and performance data, EV manufacturers facilitate smoother transactions, boost buyer confidence, and enable a thriving secondary market for EVs.
The convergence of software and finance signifies a transition to a data-driven,
consumer-centric model, empowering financial institutions and ushering in a transparent and accessible era of financing for EV owners in India.
Conclusion
Manufacturers increasingly rely on AI and ML to boost efficiency and innovation, but the shortage of skilled EV talent presents a challenge. To support ‘Atmanirbhar Bharat’ and ‘Make in India’, hardware manufacturing needs to be complemented by software expertise, especially in e-mobility. Comprehensive EV manufacturers can lead the development of advanced software solutions for safe, efficient, and reliable operations. Software integration is crucial for electric vehicles to operate safely and efficiently, reshaping how we approach financing and maintenance.
In conclusion, the revolution of electric vehicle ownership in India is not merely confined to technological advancements in hardware; it encompasses a holistic transformation driven by software integration.
(The author is Poorvak Kapoor, VP, Vehicle Technology, Euler Motors, and the views expressed int his article are his own)
