Electric vehicle sales in India are surging, with about 428,213 units sold in the financial year that ended in 2022, compared to 134,463 units sold in the previous year, according to the Business Standard. Over the past years, the shift from gas-powered vehicles to electric cars has been tremendous. Market experts predict the global roll out for EVs will continue to increase at a rapid pace as people seek greener modes of transportation to reverse climate change caused by transport emissions.
As the world moves towards decarbonizing the transport sector, business organizations are switching to electrified mobility. As a result, commercial EVs are gaining momentum. Nonetheless, some entrepreneurs have concerns if investing in EVs is an excellent investment for business. Keep reading to learn why buying EVs for your business could be worthwhile.
Lower operational costs and boost productivity
Buying EVs significantly reduces your business’s operational costs. Typically, the cost of charging electric cars is less than that of refueling gas-powered vehicles. Not to mention, there are government incentives, including tax breaks available for businesses switching to an electrified fleet. For example, you can save your business a lot of money by taking advantage of tax exemptions offered for EV auto loans.
It’s worth noting that EVs are low maintenance because they have fewer mechanical components prone to failure. They also feature advanced telematics that provide real-time data to enable timely maintenance. Reduced breakdowns mean your employees enjoy convenient transportation, thus maximize efficiency. Plus, implementing an at-work charging policy ensures workers focus on their tasks while cars charge. Fleet drivers also start the day with fully charged vehicles, so they can deliver products or services efficiently.
EV’s Create a New Source of Value
Installing EV charging systems in your organization is costly, but you shouldn’t view it as an expense. Instead, consider at work EV chargers as a source of extra value. Having an on-site energy generation and storage infrastructure that supports EV fleet charging for your business can generate revenue through energy optimization incentives.
On-site EV charging infrastructure gives customers a reason to spend more hours on your business premises as they wait for their cars to charge. This results in higher per-customer spending. However, to enjoy this perk, you need to invest in the right charging infrastructure for various EV types, like mild hybrid, hybrid, plug-in hybrid, and battery electric vehicles.
Note that a plug-in hybrid EV will charge from a standard wall outlet while there are three charging options for battery electric vehicles (BEVs). BEVs can charge from a 110-volt standard wall outlet, level 2 charger or DC fast charger. With different EV chargers in your business site, you can charge individuals that need to recharge their vehicles a smaller fee than public chargers.
Improve Your Organization’s Environmental Credibility
There’s no doubt installing LED light bulbs and thermostat controls are perfect carbon reduction measures. But converting the company fleet to EVs and providing charging facilities helps improve your organization’s environmental credibility. When you meet environmental regulations and make your business more sustainable while acting on consumer demands, your business reputation improves. You gain a competitive edge and increase your revenue.
Electric vehicles have become increasingly popular because of their potential to reduce transport emissions. This makes them ideal options for businesses looking to boost their environmental credibility and stay ahead of competitors. EVs are also a smart investment for business because they reduce operational costs, create an additional source of income, and improve employee satisfaction.
