Acquiring Spiers was ideal because it gives Cox a way to provide customers with solutions to optimize batteries’ life cycles and maximize their value, said Lea Malloy, head of research and development at Cox Automotive Mobility.
A battery pack alone can make up 30 to 40 percent of an EV’s cost, according to estimates.
“We know that as the industry moves to battery-electric, it’s going to play an important role in reducing greenhouse gas emissions,” Malloy said. “But with that electrification comes an increased focus on the need for proper care and feeding of EV battery packs in their first life, but also at [the] end of [their] life.”
Eight out of 10 non-EV considerers are skeptical about the sustainability of EV batteries, according to research conducted by Cox Automotive.
Getting plans in place to refurbish and recycle batteries and prevent them from ending up in landfills could help quash such skepticism, Malloy said.
Spiers currently operates in the U.S. and the Netherlands. Rowley said Cox wants to expand domestic and international battery service offerings over time.
Cox Automotive said the acquisition aids a commitment made by its parent company, Cox Enterprises, to achieve carbon neutrality by 2034.
Most Related Links :
Business News Governmental News Finance News