The future of EV’s: Key takeaways from CES 2023
When the biggest automotive manufacturers in the world gathered in Las Vegas for the Consumer Electronics Show (CES) 2023 there was one clear common theme – electric vehicles (EV’s)
A number of carmakers revealed exciting new concept vehicles, including one which changes colour. And while announcements at CES tend to be more ‘out there’ than at traditional auto shows, they give a valuable insight into the future of EV’s and what kinds of cars we can expect to see hitting the roads in the coming years. We take a closer look at three key trends to emerge from the show.
1. A focus on charging
As electric vehicles become increasingly popular it’s vital the nation’s charging infrastructure is able to support demand. So, it’s no surprise charging solutions were a hot topic at CES as manufacturers look to tackle range anxiety head on.
One of the biggest announcements was that Mercedes is following in the footsteps of Tesla and GM and plans to launch its own global charging network with 10,000 chargers by 2030. The charging points will be open to all drivers, but Mercedes Benz owners will get priority and be able to book chargers in advance.
Another noticeable announcement was Amazon’s partnership with charging system manufacturer EVgo, which will see a new Alexa-assisted EV charging service launched later this year. Drivers will be able to ask Alexa to help them locate, book and pay for a charging spot.
There were also a number of exciting developments around new ways of charging EV’s. The Peugeot Inception concept car which was unveiled in Las Vegas offers wireless induction charging, capable of adding 19 miles of range in just one minute, with no need for bulky cables. Meanwhile, Squad Mobility claims to have created the world’s first solar powered city car and expects its first production vehicles to be available next year.
2. Software-defined cars
We’ve known for some time that cars are getting cleverer and CES really showcased how the vehicles of the future will make the most of tech to offer an all-new driver experience.
Sony Honda Mobility’s Afeela, which is expected to hit the roads from 2026 onwards, is all about the software, with a total of 45 sensors, including cameras and radar sensors, for a semi-autonomous driving experience. Plus, as you’d expect from Sony, the vehicle will offer an unrivalled in-car entertainment system.
Chip giant Qualcomm’s next-generation Snapdragon Ride Flex suite of System on Chips (SoCs) also garnered significant attention. The family of chips can power everything from a digital cockpit to advanced driver-assistance systems, offering a one-size-fits-all solution for car manufacturers.
A common thread from a number of manufacturers was that subscription-based models for software features such as heated seats, advanced driver assistance and faster horsepower could become the next big thing, allowing people to easily tailor their vehicle to their needs.
3. Electric is moving beyond cars
EV’s have mainly been all about cars, until now. CES 2023 saw a number of manufacturers showcasing different vehicle types, including Ram’s electric pick-up truck which has an innovative ‘shadow mode’ which enables it to follow the driver around when they’re on foot.
John Deere even unveiled an electric excavator, suggesting EV’s are set to become increasingly common in construction and agriculture.
What does this mean for the insurance sector?
The huge focus on all things electric at CES emphasises just how rapidly the automotive sector is shifting to EV’s, and increasingly advanced models at that.
The level of technology involved in future EV’s will likely have a huge impact on maintenance and repairs and therefore insurance needs.
Here at NIG, we continue to grow our established appetite in the EV market. We have extended our Fleet & Mini Fleet wordings to include cables and batteries for EV’s, as well as cover for EV charge points.
To find out more about our EV insurance capabilities, please speak to your local underwriter.