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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. |