Identifying and Managing the Risks Associated with Global Electromobility
March 4, 2023 – ALFA International
International Client Seminar
La Quinta, CA
Partner Annette Mijanovic is speaking on this panel during the International Client Seminar in La Quinta, California.
We are undergoing a transformation to an electromobile society with the number of both noncommercial Electric Vehicles (EVs) and light commercial electric vehicles increasing exponentially. The charging infrastructure necessary to support EVs represents a key focus for governments and vehicle manufacturers with billions of dollars being invested in new electric vehicle battery factories. This transition depends on a supply chain of materials including minerals such as lithium, nickel and cobalt that are used to manufacture EV batteries. The transformation to electromobility will not only impact multiple industries but create new and potential increased risks of liability. There is currently no standardized process to recycle lithium-based batteries and the long term environmental and health impacts of battery disposal are unknown at present. Software is expected to account for as much of 30% of an EV’s makeup compared with around 10% within a car today. Increased connectivity is likely to give rise to cyber vulnerabilities, including the threat of malicious attacks, system outages, bugs and glitches. Overcharging of batteries or issues with power connection can spark fires resulting in residential or commercial property claims, a particular concern where multiple vehicles are charged in underground car parks such as office towers, airports and stadiums. Our panel will discuss these and other risks throughout the supply chain and those facing the manufacturers, installers, owners, insurers and users of charging stations.