Fleet managers are struggling to properly use total cost of ownership metrics when it comes to electric vehicles, according to a new study by EVAI.

The provider of data analytics and artificial intelligence-driven fleet management technology said its online survey of more than 2,500 fleet executives, conducted in March, “highlights the challenges and frustrations faced by today’s small and medium-sized fleets in properly using TCO metrics in their relationship with auto dealership and service partners, especially in key areas such as vehicle maintenance.”

The survey, which focused on EV adoption by fleets and their use of TCO metrics with regard to EVs, found 41% of respondents said they track TCO rigorously, but almost an equal number — 40% — said they need better tools for TCO tracking alongside their dealer partners.

Coincidentally, those same numbers described overall EV adoption among fleets, with 41% of managers saying their fleets are partially transitioned to EVs, while 40% are exploring options but have not yet transitioned.

The cost factors cited most as the most important in evaluating EV TCO, were vehicle purchase price (29%) and charging infrastructure costs (21%). Among those who haven’t transitioned to EVs, the top reasons were high upfront costs, charging infrastructure concerns and uncertain resale value, all named by 20% of the respondents.

The survey also found 70% of the fleet executives said they consider long-term operational savings when thinking about fleet EV costs, and the most common key performance indicators used to assess EV fleet performance are fuel/energy efficiency (21%) and maintenance costs through auto dealers (21%).

As for what is needed to enable more EV adoption, 41% said they are very likely to accelerate EV adoption if real-time TCO insights and management tools are available, with cost comparisons of EVs versus gas-powered vehicles over time (41%) and predictive analytics for battery performance (39%) cited as the data most needed for making informed EV adoption decisions.

In a news release, EVAI said fleet managers express frustration in the survey over the limited availability of predictive analytics and comprehensive cost comparisons, saying it hinders their ability to accurately assess the long-term benefits of EVs and build maintenance programs with dealers.

The company said the need for better tools to track TCO and improve fleet operations is “evident,” as 61% of the survey’s respondents indicated better real-time data would help them optimize their fleet’s operations.

“We understand the frustrations fleet managers face in accessing accurate and comprehensive TCO data,” EVAI founder and CEO Ian Gardner said. “By leveraging TCO metrics plus AI monitoring and analysis combined with strong partnerships with auto dealers and service partners, fleet managers can significantly strengthen their fleet management and cost management strategies.”

EVAI said a strong relationship with dealers can significantly influence TCO metrics and help mitigate challenges with fleet operators, providing lower maintenance costs through negotiated service rates, priority service to reduce downtime, access to OEM parts for better reliability and longevity, supply chain management for efficient parts and vehicle sourcing, warranty compliance and predictive maintenance to identify likely problems and resolve them before they occur.

“Our mission is to provide advanced tools and real-time insights that empower fleet managers to make informed decisions with auto dealers and service providers, optimize their operations and achieve their sustainability goals,” Gardner said. “By leveraging cutting-edge technology and predictive analytics, we aim to simplify the EV transition process so fleet operators understand and realize the TCO and uptime benefits of going EV, and drive the future of fleet management by ensuring the right EV and charging solutions are selected, and managing the EV fleet ecosystem to deliver the ROI promised.”