Cox Automotive Mobility announced Sept. 1 that it acquired Spiers New Technologies (SNT), a service provider for EV battery lifecycle management, according to a press release.
The deal marks an investment for Cox's new global EV battery service network that spans storage, logistics, remanufacturing, reuse, and pre-treatment recycling, which enables the company to be a complete caretaker of electric vehicles.
As EVs take center stage, battery production, health, and lifecycle management will become increasingly important and challenging for OEMs, dealers, fleet providers, and consumers. The acquisition of Spiers New Technologies, which has operations in the U.S. and Europe (The Netherlands), will allow Cox Automotive Mobility to establish complete global EV battery service capabilities to meet the needs of its customers across the U.S., UK, and other continental European markets.
“Cox Automotive is the only company that’s connected to every pillar of the automotive industry and every stage of a vehicle’s life,” said Steve Rowley, president of Cox Automotive, in the release. “As an innovator and thought leader for more than 75 years, we don’t wait for things to change, we cause the change. Taking charge of the EV battery lifecycle and creating sustainable solutions for our planet is no exception.”
Investing and Innovating to Advance EV Market Growth
Electric vehicles have a different service and support profile than internal combustion engine (ICE) vehicles. All aspects, from cost, valuation, residual calculations, servicing and salvage, differ and create challenges for the automotive ecosystem. Comparing cost alone, with the EV battery pack making up about 30-40% of the cost of an EV today, it’s a high-value asset that needs inspection, valuation and servicing.
“Cox Automotive Mobility is committed to being the best battery health innovator and end-to-end solutions provider for the safe promotion and preservations of our electric future,” said Lea Malloy, head of research and development, Cox Automotive Mobility, in the release. “Our early investments in the space and EV battery health patent were just the start. Now, we’ve gone a step further with the acquisition of Spiers New Technologies."
While passenger EVs in the U.S. market are forecast to grow to 32.8 million (15% of total auto market) and 6.5 million in new-vehicle sales (35% of total new-vehicle sales) in 2030, Cox Automotive research shows that eight out of 10 non-EV considerers are skeptical about battery value and remaining useful life.
The new independent, third-party battery health diagnostic tool built by SNT and Cox Automotive Mobility is powered by SNT’s ALFRED battery decisioning platform. This battery health diagnostic tool is becoming the industry standard used globally to assess the condition and value of EV batteries, filling a void in the new and used EV category. With ALFRED and the health score, Cox Automotive can help drive greater transparency and confidence in EV transactions with consumers, much like the trusted vehicle valuations Kelley Blue Book has provided to the automotive industry for nearly 100 years. Cox Automotive now delivers EV battery health reports as part of its Manheim condition reports at select auction locations.
“As a pioneer and leader in electric vehicle 4R servicing, we are proud of the revolutionary progress we have made, but this is only the beginning of the journey,” said Dirk Spiers, founder of Spiers New Technologies, in the release.
Cox Automotive Mobility’s efforts are part of Cox Enterprises' drive to improve the environment through its Cleantech and Cox Conserves initiatives and its goal to achieve carbon and water neutrality by 2034 and zero waste to landfill by 2024. Cox believes in a closed-loop ecosystem for EV batteries to help minimize environmental harm with more sustainable end-of-life reuse and recovery treatments.