In spite of the availability of the hybrid vehicle technology, XL Hybrids has recognized that its price does not attract mass production by the ones the consume large quantities of fuel and the ones that would benefit the most out of the technology: commercial fleets. In recent years, the industry has witnessed the rapid development of power electronics, motor and battery, which creates opportunity for smaller companies to design a hybrid electric system that has the potential to reduce fuel consumption and save small businesses and fleet owners a higher rate of return on their investments.
XL Hybrids has also recognized that in decades past, the vehicle turnover in the more broader fleets is great and that the hybrid technology can create a huge impact in the existing fleets and the the ones that are yet to enter the fleet. XL Hybrids is a game changer in that it is capable of increasing the efficiency of existing vehicles and accelerating the implementation of new technologies in a time lesser than the typical five-year vehicle development cycle.
By speaking to fleet managers, dealers, mechanics, finance experts and corporate executives, XL Hybrids was able to map out the requirements of hybrid technology that stakeholders are willing to buy. These talks revealed that fleet managers and corporate executives have been looking for a cost-efficient solution that would reduce fuel consumption and emission, and their exposure to volatile fuel prices. This is the point at which XL Hybrids has been effective and looks to continue its quest to develop and market hybrid electric system that saves money, reduces fuel consumption, and minimizes emissions.