The global company’s mobility division on Wednesday said the move will bolster its ability to provide necessary services and support for customers who own vehicles that have electric battery packs instead of internal combustion engines.
Terms of the acquisition were not disclosed.
As the market for battery-electric vehicles continues to grow, so does demand for maintaining the health of their batteries. In addition to the acquisition, Cox Automotive and Spiers New Technologies said they collaborated on building a diagnostic tool to assess EV battery health conditions.
“We just think there’s so many tailwinds that support this space,” Cox Automotive President Steve Rowley told Automotive News, citing several automakers’ recent commitments to either add EVs to their future product offerings or focus entirely on building emissions-free lineups.
“I think we’ve tabulated that there’s about $300 billion-plus of commitments by [manufacturers] to focus on EVs between now and 2025,” Rowley said.
Spiers New Technologies offers manufacturers “4R” services — repairing, remanufacturing, refurbishing and repurposing — for battery packs used in hybrids and EVs.