Electra Vehicles to Showcase Revolutionary Ai-Powered Battery Technology at MOVE 2024, Eliminating Range Anxiety

BOSTON--(BUSINESS WIRE)--Electra Vehicles, Inc.:

Electra Vehicles, Inc. Unveils EVE-Ai Technology at MOVE 2024

Electra Vehicles, Inc. is thrilled to announce the world premiere of our in-vehicle demonstration of EVE-Ai (Range Expert and Fleet Analytics modules), our cutting-edge AI technology designed to revolutionize battery performance management, eliminate range anxiety, and support the expansion of the electric vehicle (EV) industry. At MOVE 2024, we will showcase EVE-Ai’s capabilities, leveraging advanced AI algorithms to provide real-time, personalized insights, predictive maintenance, and enhanced battery safety, benefiting EV drivers, OEMs, and fleet managers.

Addressing Range Anxiety

Most electric vehicle users (54%¹) worry about unreliable battery ranges, leading to range anxiety. With an average error rate of 10%² in range estimation, it's clear why this is a significant barrier to EV adoption. Electra’s Range Expert, showcased in a Fiat 500e, addresses this issue by achieving an error rate of less than 1%—a 100% improvement over the average error. We collect and integrate information from external sources (traffic, road conditions, and weather), internal battery data (temperature and degradation), and users' driving styles, providing a customized experience for every driver. Our ML-based AI algorithm processes all this data through the cloud, delivering outputs on the vehicle screen such as target energy remaining at the destination, precise trip energy consumption, precise ETA, and battery health status. This enhanced accuracy improves trip and charging planning, boosts trust in EVs, and can increase sales by up to 10% for OEMs who are currently losing customers to range anxiety.

Empowering Fleet Managers

Fleet managers are beginning to electrify their fleets but face significant challenges due to a lack of tools for gaining insights into the health of their EVs. In fact, 55% of fleet managers are concerned about EVs' maintenance, security, replacement, and lifespan. Considering that an EV battery accounts for one-third of a car's total value¹, monitoring and assessing its health is crucial. Our technology addresses these concerns by empowering fleet managers with advanced alerts when an EV fleet battery is at risk of failure or needs maintenance—up to three months in advance. Using our sophisticated algorithm, we monitor and analyze data from both internal and external environments. Electra can transform any EV fleet with enhanced battery performance and reliability. Our AI-driven technology gives fleet managers improved visibility into each vehicle and overall fleet health trends. By optimizing battery usage, and predicting failures and maintenance needs up to three months in advance, Electra enables proactive maintenance strategies, minimizes risks, and reduces costs, helping fleet managers scale their operations effectively.

Empowering EV Drivers

EVE-Ai Range Expert module is dedicated to enhancing the driving experience by keeping drivers informed with personalized information. Our technology provides:

• Real-Time Customized Insights: we offer precise energy estimates to help drivers reach their destinations efficiently and charge when necessary to save time and prevent range anxiety. The EVE-Ai Range Expert module adapts to individual driving styles by incorporating battery and external data.
• Predictive Maintenance Strategies: Thanks to our data collection and machine learning algorithms, the EVE-Ai module can detect faults and recommend preventive maintenance up to three months in advance.
• Improved Battery Safety and Reliability: Accurate insights from EVE-Ai reduce EV maintenance costs and increase reliability and safety, extending battery life³ by up to 40%.

Supporting OEMs

EVE-Ai offers substantial benefits for OEMs, enhancing customer engagement and brand positioning by providing accurate insights and information to EV customers. Our technology:

• Improves Customer Engagement and Brand Positioning: Personalized experiences for drivers increase customer satisfaction and loyalty.
• Increases Sales Targets: Tackling range anxiety can boost EV adoption and sales up to 10%.
• Reduces Production Costs: OEMs can save on EV production costs with additional insights and optimization capabilities.

Enhancing Fleet Management

Fleet managers gain comprehensive visibility and control over their fleets with the EVE-Ai Fleet Analytics Module, ensuring efficient operations and cost savings. Our AI technology provides:

• Accurate Fleet Monitoring: Real-time monitoring of battery state of health (SoH), state of charge (SoC), and remaining useful life (RUL) to effectively monitor, maximize, and protect assets.
• Predictive Fault Detection and Maintenance: Data collection and machine learning enable maintenance predictions up to three months in advance, reducing downtime and costs by up to 30%.
• Extended Battery Life: EVE-Ai extends battery life by up to 40%, providing significant cost savings and increased safety and reliability.

Electra Vehicles, Inc. is excited to bring these advancements to the electric vehicle industry, showcasing how our innovative AI technology can transform the future of EVs.

¹https://newsroom.aaa.com/2023/11/annual-electric-vehicle-sentiment-survey/
²https://www.motorfinanceonline.com/news/motorists-warned-ev-range-tests-are-flawed-what-car/?cf-view&cf-closed
³https://www.seai.ie/blog/understanding-ev-battery/

About Electra Vehicles, Inc.

Electra Vehicles, Inc. is at the forefront of the BMS industry, dedicated to driving innovation and sustainability for a greener world. Our EVE-Ai technology represents a significant leap forward in battery performance management, ensuring that batteries can go further, last longer, and operate more efficiently than ever before.

For more information, please visit http://www.electravehicles.com.