A System Dynamics Costing Model for The Refurbishment of Electric Vehicle Batteries

Abstract

Electric vehicle batteries (EVBs) are produced from rare earth metals and they get retired from electric vehicles in just 8 years, there are several options for them to be reused as their useful life can be extended for a couple of years. This research presents an opportunity for businesspersons to carry out the business of refurbishing EVBs and selling them. The present research was conducted to develop a system dynamics model to assess the dynamic behavior of various variables involved in the refurbishment of Electric vehicle batteries (EVBs).To serve this purpose, data was collected by conducting an in-depth literature review and the system dynamics model was developed in Anylogic PLE version. The model was then initialized by using collected secondary data and analysis was conducted in three scenarios; scenario1 (EVBs` sales locally), scenario2 (EVBs` sales regionally), and scenario3 (EVBs` sales nationally). After the simulation of the model, its output was downloaded in Microsoft Excel 2016 from Anylogic. Origins softwarewas used for plotting the graphs. It was concluded that therefurbishing cost of batteries per kWh was $59.82, $55.47, and $76.67 in scenarios 1, 2, and 3 respectively, which was still affordable when compared to other new batteries. Estimation of required capital investment and EVB recycling are still unexplored areas. Moreover, this research provides a detailed business model to investors along with a comprehensive feasibility analysis.

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