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Wejo Insights: EV Journey Distance Could Equal Traditional Cars Within 18 Months as EVs Are Being Driven Farther
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Wejo Group Limited (NASDAQ: WEJO) has released research indicating that electric vehicle (EV) drivers may soon match the journey distances of internal combustion engine (ICE) vehicles. Analyzing data from 2021-2022, the average distance driven by EVs increased by 5.5%, while ICE journeys decreased by 1.6%. Key cities such as Toledo, OH, and Dallas, TX, reported significant increases in EV distances, while locations like Fresno, CA, saw declines in ICE distances. Further, states like South Carolina and Texas experienced the most marked changes in EV driving distances. Despite growth in charging stations, their availability has little impact on journey length.
Positive
Average distance driven per journey by EVs increased by 5.5% from 2021 to 2022.
Projected that EV journey distances may equal ICE vehicles within 18 months.
Significant increases in average distances for EVs in cities like Toledo (11-17% increase).
Growing adoption of EVs expected due to reduced range anxiety and infrastructure improvements.
Negative
Internal combustion engine (ICE) vehicles saw a decline in average journey distance by 1.6%.
MANCHESTER, England--(BUSINESS WIRE)--
Wejo Group Limited (NASDAQ: WEJO), a global leader in Smart Mobility for Good™, today released new research revealing that the average distance driven per journey in electric vehicles (EV) may be equal to those of traditional internal combustion engine (ICE) vehicles within the next 18 months. The projection is made based on data showing that between 2021 and 2022 EV drivers extended the distance of their journeys by 5.5% on average. Simultaneously, ICE drivers have been driving shorter distances than years prior, with a decreased journey average of -1.6% when compared to 2021.
(Graphic: Business Wire)
“The data shows that range anxiety may finally be diminishing for EV owners, as they become more comfortable using their EVs for longer and longer trips, and more funds are going toward EV infrastructure support like charging stations throughout the nation. It might also signal continued increases in adoption of EVs in the coming year, particularly as more makes and models are made available by manufacturers,” said Sarah Larner, executive vice president of strategy & innovation at Wejo. “As a result, DOTs will need to rely more heavily on data-driven insights to continue to make smart infrastructure investments and updates now to ensure we maintain safety and efficiency on the road and get ahead of the rise of EVs soon to come.”
Wejo’s findings were based on data from connected vehicles analyzed in the company’s ADEPT platform, a traffic intelligence solution that is part of a $3.4bn market opportunity, for the period of 2021-2022. The findings were based on the results of trillions of data points from billions of vehicle journeys taken by over 11 million vehicles across the United States, filtered by states and cities that have more than 1,000 EV and ICE vehicles being driven, respectively.
Key findings include:
Cities tracking the furthest journey increases in 2022: Nearly 100 cities experienced an increase in the average distance traveled per journey for EVs in 2022 versus 2021, with Toledo, OH; Bakersfield and Fresno, CA; and Dallas and Plano, TX experiencing the most significant increases, ranging from 11 to 17 percent farther journeys than the previous year.
Cities tracking the largest decreases in journeys in ICE vehicles: Comparatively, 89 cities have experienced a decrease in the average distance traveled per journey in ICE vehicles in the past year, with Fresno, Stockton and Bakersfield, CA; Reno, NV; and Anchorage, AK experiencing the most significant decreases, ranging from a three to five percent decrease.
States with greatest shifts in journeys driven: Similarly, on the state level South Carolina (22%), Texas (10%), Nevada (10%), Michigan (9%), and Indiana (9%) experienced the most significant increases in average distance traveled per journey for EVs whereas Montana, Alaska, Wyoming, North Dakota, and Delaware experienced the most significant decreases in average distance traveled in ICEs, ranging from a four to six percent decrease.
Charging stations growth: That said, electric charging station placements seem to have little relatable impact on journey length for EV drivers. Both Michigan and Ohio’s charging station availability have increased by 56 and 43 percent, respectively according to the Department of Energy’s Alternative Fuels Data Center. New Jersey (61%), Illinois (49%), and Arkansas (48%) also show large increases in their number of charging stations between 2021 and 2022.
Wejo Group Limited is a global leader in cloud and software analytics for connected, electric, and autonomous mobility, revolutionizing the way we live, work and travel by transforming and interpreting historic and real-time vehicle data. The Company enables smarter mobility by organizing trillions of data points from 20.8 million vehicles, of which 13.9 million were active on the platform transmitting data in near real-time, and over 94.6 billion journeys globally as of December 31, 2022, across multiple brands, makes and models, and then standardizing and enhancing those streams of data on a vast scale. Wejo partners with ethical, like-minded companies and organizations to turn that data into insights that unlock value for consumers. With the most comprehensive and trusted data, information, and intelligence, Wejo is creating a smarter, safer, more sustainable world for all. Founded in 2014, Wejo has offices in Manchester, UK and in regions where Wejo does business around the world. For more information, visit www.wejo.com or connect with us on LinkedIn, Twitter, and Instagram.
Forward-Looking Statements
This communication contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. For more information, please follow this link: https://www.wejo.com/forward-looking-statements
What does Wejo's recent research reveal about electric vehicle (EV) journeys compared to internal combustion engine (ICE) vehicles?
Wejo's research indicates that EV journey distances have increased by 5.5% while ICE vehicles have experienced a decrease of 1.6% in average journey lengths.
How soon might EVs match the journey distances of traditional vehicles according to Wejo?
Wejo predicts that the average distance driven in EVs may equal that of ICE vehicles within 18 months.
Which cities showed the largest increases in average EV journey distances?
Cities like Toledo, OH, Fresno, CA, Dallas, TX, and Bakersfield, CA recorded significant increases, ranging from 11 to 17 percent.
What states experienced the greatest increases in EV journey distances?
States including South Carolina (22%), Texas (10%), and Nevada (10%) had the largest increases in average EV journey distances.
How has the growth of charging stations affected EV journey lengths?
The growth in electric charging stations has shown little relatable impact on the journey lengths for EV drivers.
