CAP launches RV project for EVs
As well as the problem that battery replacement costs threaten to render commercial electric vehicles in particular worthless after warranties expire, another issue lies with the diversity of approaches being taken by manufacturers, says CAP.
Mike Hind, CAP communications manager, commented: 'Our customers are asking for clear information to enable them to plan their future vehicle mix strategies but there is still very little confirmed information from manufacturers around crucial questions such as battery finance options, battery life, anticipated replacement costs, charging systems and overall running costs.
'This means we are unable to realistically offer a view on future residual values and only when those questions are answered will we be able to do so.
'For example, with some battery replacement costs mooted to approach the £10,000 mark it currently seems unlikely that a high-mileage commercial vehicle in particular approaching the end of its warranty period will have any residual value at all.
'We are speaking to all manufacturers involved so we can definitively address these questions as soon as possible. This is necessary to enable potential owners, operators and funders to understand their future risk position and where all-electric vehicles potentially fit into their future operations.'
CAP says that it is now undertaking a major review of the sector, led by manufacturer relationship manager Martin Ward and will report on its findings and future residual value forecasting position as soon as sufficient reliable information is available.