Three Tips for EV OEMs to Reduce Costs

The electric vehicle market has been growing exponentially in recent years, and with that comes increased competition and pressure to reduce costs. EV OEMs must find ways to produce cars at a lower cost while maintaining quality and innovation. This blog will discuss three tips for EV OEMs to reduce costs and remain competitive.

Tip #1: Factor Costs into Your New Designs and Avoid Previous Mistakes

One of the most effective ways to reduce costs is to avoid making the same mistakes as previous models. By analyzing previous programs, you can identify areas where parts may have been over-engineered or where parts may have been duplicated unnecessarily. This step can prevent costly mistakes from being repeated, saving you time and money in the long run.

Additionally, by factoring costs into the design phase, you can avoid expensive changes down the line. When designing new electric vehicles, consider the cost of each part and assembly and take steps to reduce costs wherever possible. This can include sourcing cheaper materials, reducing the number of parts, or simplifying the design.

Tip #2: Review Previous Programs for What Worked and What Didn't and Where You Can Remove Duplicate Parts or Previous Errors

Reviewing previous programs is an essential step in optimizing your operations. By identifying what worked and what didn't in previous models, you can make informed decisions for future designs. For example, if a particular part caused issues in an earlier model, you may choose to redesign or source a different part. Additionally, removing duplicate parts from your bill of materials can reduce costs and streamline your production process.

Tip #3: Create a PLM Tool That Provides a Digital Expert to Designers and Guides Them to the Best and Most Cost-Effective Solutions

One of the most effective ways to reduce costs is to employ an intelligent PLM tool or digital expert who provides an intelligent guide to your design team. This tool can help you identify cost-effective solutions for each part and assembly. Considering your existing BOM structure, the tool can suggest the most optimal solution based on cost, weight, and other factors. You can also use a PLM tool to automate BOM creation and management, reduce errors, and streamline your production process. Most designers can't use their existing PLM to search for solutions and worst yet, their PLM is separate from one that purchasing or supply uses. Finding Engineered Solutions provides a digital expert to smooth out all the kinks in your current software strategy.

Reducing costs is essential to remaining competitive in the electric vehicle market. You can reduce costs by factoring costs into your designs, reviewing previous programs, and utilizing a PLM tool without sacrificing quality or innovation. At Finding Engineered Solutions, we work with you to identify the most effective cost-saving solutions for your specific needs. By using these tips, you can streamline your production process and bring innovative, cost-effective electric vehicles to market. Our tools and consulting services will help remove costs and errors from new and old EV platforms.