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HPI STEPS IN TO HELP MOTORISTS WHO DON’T KNOW THEIR PHEVS FROM THEIR BEVS

Demand for alternative fuelled vehicles (AFVs) is booming and HPI is helping motorists to unravel confusing vehicle terminology.

HPI, part of Solera Holdings, Inc., a global leader in risk and asset management data and software solutions for the insurance and automotive industries, has set about unravelling some of the confusing terminology and acronyms associated with the motor market.

Motorists have a wide range of options when choosing an alternative fuelled vehicle from mild hybrid to pure electric vehicles. Many drivers are seriously considering an AFV as their next car for reasons ranging from environmental concerns to changing tax policy.

Last year, hybrid and electric alternative vehicle registrations rose by around 25%. While diesel vehicles remain a sensible choice for high mileage drivers, hybrids and plug-in hybrids appeal as tax-efficient business motoring alternatives offering cost-effective motoring over urban driving cycles. MHEVs diesels (Mid Hybrid Electric Vehicles) have seen an unprecedented 949% increase with a total of 19,490 registrations for the year to date compared with just 1,857 across the whole of 2018.

The latest models of electric vehicles offer driving ranges of over 200 miles on a single charge and plug-in hybrids (PHEVs) use a petrol or diesel engine alongside the electric motor removing any range anxiety.

Manufacturers are expected to introduce at least 35 new makes and models of AFVs in 2020 and HPI believes that with such an array of new vehicle acronyms hitting the market, it could lead to widespread confusion amongst motorists.

HPI has produced a definitive list of new vehicle terminology to help consumers avoid confusion:

AFVs​ Alternative Fuel Vehicles – vehicles not powered by petrol or diesel internal combustion engines.

BEV​ Battery Electric Vehicle – vehicle powered solely by a battery charged from an external power source.

BIK​ Benefit In Kind – non-wage compensation to employees; includes company cars

CAZ Clean Air Zone​

EV​ Electric Vehicle – the broadest category of vehicle, including all types of electrified vehicles

HEV​ Hybrid Electric Vehicle – vehicle combining a conventional internal combustion engine with an electric propulsion system

ICE​ Internal Combustion Engine – a conventional petrol or diesel engine

LEZ Low Emission Zone

M1​ – vehicles designed and constructed for the carriage of passengers and comprising no more than eight seats in addition to the driver’s seat

mHEV​ Mild Hybrid Electric Vehicle – a vehicle with an internal combustion engine assisted by an electric generator; mHEVs cannot run on electric power alone

NEDC​ New European Drive Cycle – test to assess the emission levels and fuel economy of passenger cars

NEDC Correlated​ –  WLTP-derived CO2 values translated back to NEDC-equivalent values​

PEV​ Plug-in Electric Vehicle – includes both PHEV and BEV

PHEV​ Plug-in Hybrid Electric Vehicle – an HEV in which the battery may be charged from an external power source

PiCG​ Plug-in Car Grant – UK Government-funded plan to subsidise the price of plug-in cars (PHEVs and BEVs)

REX​ Range Extender – small internal combustion engine used to provide power to a BEV when the battery is exhausted

ULEZ​ Ultra-Low Emission Zone​ – an area within which all vehicles need to meet exhaust emission standards

WLTP​ Worldwide Harmonised Light Vehicle Test Procedure – replaced NEDC in the UK from September 2018

Chris Plumb, senior valuations editor and EV specialist at HPI, said: “Most car manufacturers are making significant investments in their EV ranges in particular. As a result, the UK will see a rapid expansion in the number of models available and the technology used.”

“The rise in the number of alternative fuelled vehicles about to hit the market marks a radical step forward. Many manufacturers are planning to electrify their entire product range by the middle of the next decade.”

The top four best-selling new electric vehicles throughout 2018 were the Nissan Leaf, BMW i3, Volkswagen Golf-electric and Renault Zoe electric. 

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Notes to editors:

About cap hpi

cap hpi provides decision support data and software solutions spanning vehicle valuation, validation, collision, mechanical repair, and total cost of ownership. cap hpi helps users make smarter automotive decisions by providing one source for data and software solutions that uniquely span the whole vehicle lifecycle; new, used and future vehicle valuation, validation, collision, mechanical repair and total cost of ownership.

All data is uniquely connected by the cap hpi code and a single methodology across all markets and sectors.

cap hpi puts technology at the centre of all data activities, from collection and processing, through to delivery and the development of new applications. It operates from an international hub in the UK; that ensures its systems, coding, data collection processes, and valuation methodologies are consistent, scalable, repeatable and of the highest quality for every country. Valuations and forecast data are managed by local industry experts to ensure insight is added to each data set to enhance accuracy.

cap hpi operates as part of Solera, a global leader in risk and asset management data and software as a service (SaaS) solutions for the automotive and insurance industries.

About Solera

Solera is a global leader in risk and asset management data and software solutions for the automotive and insurance industries. Solera is active in over 90 countries across six continents. Solera has over 235,000 customers and partners, including many of the largest U.S. and European P&C insurance companies and most of the world’s largest vehicle OEMs, as well as national governments, financial institutions, vehicle dealership, vehicle repair shops, salvage yards and vehicle buyers and sellers. For more information about Solera visit www.solera.com.