Machine Learning Transforms the Used EV Market
A Seattle-based company called Recurrent is revolutionizing the used electric vehicle (EV) market by harnessing the power of machine learning. With the help of cutting-edge technology, Recurrent offers essential information about EV batteries to both buyers and car dealerships, addressing the need for transparency on battery life.
Electric vehicle batteries, like smartphone batteries, experience wear and tear over time. Factors such as temperature, age, charging habits, and driving patterns all impact the performance of these batteries. Recurrent aims to provide a solution by analyzing data from similar EVs in its system to keep track of an electric car’s battery health.
With its growing user base, Recurrent creates multiple types of battery reports tailored to different needs. Just as the mileage and engine condition are crucial factors when purchasing a petrol-powered car, the state of the battery is essential when buying a used electric car. By leveraging Recurrent’s data, customers can now see a car’s expected range before making a purchase decision.
Recurrent’s platform offers benefits not only to prospective buyers but also to existing EV owners. They can continuously monitor their battery health and receive valuable tips on how to prolong its lifespan. Moreover, for those looking to sell their electric cars, Recurrent streamlines the process and provides a Battery Adjusted Value. Sellers with healthier batteries receive a higher and fairer price for their vehicles.
Recognizing the increasing demand for EV battery data, Recurrent completed a successful Series A funding round, raising a substantial $16 million (approximately €14.9 million). With this significant investment, the company aims to become the go-to source of EV battery information in the market.
The emergence of platforms centered around electric vehicle batteries signals a shift toward sustainability in the automotive industry. Besides Recurrent, other platforms have been spotted, such as a smart trading platform for waste EV batteries and a supply chain management platform for EV companies.
As the popularity of electric vehicles continues to rise, the need for reliable information about battery health becomes even more crucial. Machine learning is unlocking new possibilities in transforming the used EV market, giving customers and dealerships the transparency they require. With Recurrent at the forefront of this movement, buyers can make informed decisions, existing owners can optimize their battery performance, and sellers can receive fairer prices for their vehicles.
