Motoring

Automotive manufacturers investing billions of euros to develop electric vehicles

By Anna Ellis • Published: 14 Mar 2023 • 14:07

Automotive manufacturers investing billions of euros to develop electric vehicles. Image: Monkey Business Images / Shutterstock.com.

This comes in the face of the industry’s decarbonisation efforts in order to offer an attractive range of products to their customers.

There are also new business models emerging in the wake of electrification that can complement this transformation with interesting solutions for a wide range of customers in terms of their characteristics.

One such model is retrofit, a word that is well known but not so well known in the automotive industry.

As the report ‘Smart Vision: Retrofit. Business Opportunities and Challenges in Sustainable Mobility’, signed by AEMES Smart, confirmed there are some 250 million vehicles in the European Union, with an average age of 12 years.

AEMES define retrofitting as the transformation of a combustion vehicle into a zero-emission vehicle.

Neus Olea, director of AEMES Smart, confirmed: “Retrofit is sustainability because, instead of manufacturing another new product, you extend the life of an existing product.”

In addition, “retrofitting for heavy-duty vehicles is interesting because the cost of fuel is reduced and the payback is quick.”

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