Revving Up Innovation
Highlights from the Fall 2023 99P Labs & CMU Tepper Data Analytics Club BEV Case Competition
Introduction
We’re delighted to bring you the highlights from the second annual case competition, a collaboration that has quickly become a hallmark of innovation between 99P Labs and Carnegie Mellon University’s Tepper Data Analytics Club. Building on the success of last year’s rideshare-themed challenge, this year we turned our focus to the rapidly evolving world of Battery Electric Vehicles (BEVs). This event not only showcased the exceptional talents and creativity of the participants but also underscored 99P Labs’ commitment to fostering a community dedicated to advancing data science and A.I. across all aspects of mobility.
The Kickoff
The kickoff for this year’s challenge marked a shift to a fully virtual format, adapting to the evolving dynamics of collaboration and communication in today’s world. I had the pleasure of presenting to the enthusiastic members of the Tepper Data Analytics Club, diving into the background and the motivation behind this year’s challenge. The virtual setting did not dampen the spirits; instead, it allowed us to connect seamlessly with a broader audience, transcending geographical barriers.
During the kickoff, we explored the significance of BEVs in the current automotive landscape and the complexities that companies face in this sector. The interaction was lively and engaging, with club members actively participating, posing insightful questions, and sharing their perspectives. This virtual kickoff not only set the tone for the competition but also demonstrated the adaptability and resilience of our communities in maintaining the momentum of innovation.
Overview of the Challenge
This year’s competition centered around a pressing and highly relevant question in the automotive industry:
In a rapidly evolving automotive landscape, Battery Electric Vehicles (BEVs) are gaining prominence due to their cost savings, environmental benefits, and reduced maintenance. However, as consumer preferences and values continue to diversify, companies face an increasingly complex challenge in distinguishing their offerings. So how can a BEV company create a value proposition in this market?
The challenge was designed to push the boundaries of traditional thinking and encourage participants to delve deep into the nuances of the BEV market. Teams were tasked with developing innovative strategies for a hypothetical BEV company to stand out in a crowded market, taking into account the diverse and evolving consumer preferences. This problem statement required a unique blend of technical prowess, creative marketing strategies, and a forward-thinking approach to environmental sustainability and consumer engagement.
Participants were encouraged to use data-driven analysis to inform their solutions, tapping into the wealth of information available in the automotive sector. The challenge was broad enough to foster creativity, yet it provided enough structure to guide the teams towards actionable and impactful solutions. It was a test of not only analytical skills but also of the ability to think critically about the future of transportation and the role of technology in shaping consumer behavior and business models.
Providing Support for the Event
To assist participants in navigating the complexities of BEVs and data analytics, and to facilitate a deeper understanding of the challenge, we at 99P Labs offered a dual support system throughout the competition. Recognizing the importance of direct interaction and guidance, we conducted office hours where members of our team were available to take questions from the teams. These sessions proved to be immensely valuable, not only for the participants who sought clarifications and insights but also for us, as it gave us a firsthand glimpse into the innovative approaches being considered by the teams.
In addition to the office hours, the Tepper Data Analytics Club set up a dedicated Discord channel, creating an asynchronous platform for communication. This channel served as a dynamic forum for the participants to find teammates, pose questions, exchange ideas, and seek advice, ensuring that support was just a message away. The utilization of Discord also fostered a sense of community among the competitors, allowing for collaborative learning and sharing of perspectives. Our team at 99P Labs was active on this channel, providing responses and feedback, further nurturing the creative and analytical process of the participants.
These support mechanisms were instrumental in ensuring that the teams had the resources and guidance needed to develop well-rounded, data-driven solutions. It was inspiring to witness the enthusiastic engagement and the depth of the queries raised, reflecting the participants’ dedication and commitment to excelling in the challenge.
The Finale
As the competition neared its climax, we were very excited to see what the teams created. The Tepper Data Analytics Club meticulously reviewed the submissions and selected three teams as finalists. These teams stood out for their innovative approaches, thorough analysis, and the practicality of their solutions in the context of the BEV market. The moment had come for these finalists to showcase their hard work and ingenuity.
The finale was structured as a pitching session, where each finalist team presented their project to a panel of judges. The panel of judges featured Ryan Lingo from 99P Labs, Ganesh Mani, an esteemed faculty member at Carnegie Mellon University, and Abhishek Pisipati, an officer from the Tepper Data Analytics Club. The diversity in the panel’s composition ensured a comprehensive evaluation of the presentations, taking into account industry relevance, academic rigor, and practical applicability.
In a session marked by enthusiasm and intellectual rigor, each team delivered a pitch of their project, articulating their unique insights into the BEV market and their proposed solutions. The presentations were not just a display of data and numbers but a narrative that wove together market analysis, consumer behavior, and innovative business strategies. The teams addressed questions from the judges, further delving into the depths of their analysis and thought processes.
This final presentation phase was not only a test of the teams’ analytical skills but also their ability to communicate complex ideas effectively and persuasively. It was a demonstration of how data-driven insights can be transformed into actionable business strategies, a key skill in the ever-evolving landscape of technology and business.
3rd Place: Data Nerds
Our first standout project at the finale was by ‘Data Nerds’, a team composed of Hyoju, Raymond, and Angel. Their analysis, titled “The Future of Electric Vehicles: A Glimpse into 2050”, offered a comprehensive dive into the evolving BEV landscape.
They began by discussing the surge in electric vehicle adoption, tying it robustly to global climate initiatives like the 2015 Paris Agreement and recent U.S. legislation aimed at fostering the EV market. Citing that EVs could account for two-thirds of new car sales by 2032, they emphasized the rapid growth in EV sales since 2020 and projected this trend’s continuation.
Data Nerds highlighted BEVs’ pivotal role in sustainability, demonstrating that emissions from electric vehicles are significantly lower than those from gasoline-powered vehicles. They showcased this with a compelling graph illustrating the stark contrast in emissions.
In their strategic analysis, the team identified the top 20 BEV manufacturers and the leading 10 sellers for benchmarking, highlighting Tesla and Ford as notable frontrunners. They combined external data with sales data from these top sellers, focusing on models with over 500 units sold, to extract meaningful insights. This approach helped them identify benchmarks for BEVs and understand consumer preferences.
Their analysis also revealed a strong correlation between the density of charging stations and vehicle ownership in Washington State, supported by regression analysis demonstrating the influence of Level 2 and DC fast chargers on vehicle ownership.
For their client ‘Electrify’, Data Nerds recommended focusing on the fastest charging speeds and moderate performance as a market entry strategy. They suggested targeting SUVs, sedans, and hatchbacks, considering customer preferences in each category. Their forward-looking recommendations included developing extensive EV charging infrastructure, offering customization and regular software updates, and leveraging existing infrastructure and strategic alliances for competitive advantages.
Data Nerds concluded their presentation by emphasizing the importance of strategic participation in industry events for brand enhancement and staying abreast of the latest trends in the BEV market.
Their comprehensive, data-driven approach, combined with practical market insights, made their presentation a standout, reflecting a deep understanding of the BEV market’s current dynamics and future potential.
Below is a video of their presentation:
2nd Place: Evolutionaries
The second-place team, ‘Team EVolutionaries’, composed of Shashank, Ming, and Sherine, presented an engaging pitch titled “Evolutionary Path for BEV Strategy to Success”. Their approach focused on navigating the crowded BEV market with a two-fold strategy: launching advanced BEVs across various categories and focusing on key EV-friendly regions.
Their executive summary outlined the team’s comprehensive market analysis, product differentiation, sustainability measures, and understanding of consumer preferences. They emphasized the importance of crafting a unique value proposition for the BEV market, grounded in thorough market dynamics examination and leveraging insights to ensure distinct performance and aesthetics in their vehicles.
The team presented compelling data visualizations, including an upward trajectory of EV sales over the past decade and a pie chart revealing Tesla’s dominant market share. They identified the need for agile market strategies to differentiate their products in a Tesla-dominated landscape.
Team EVolutionaries recommended targeting sedans, wagons, and SUVs as entry points into the market, capitalizing on Tesla’s market presence, and establishing a 200-mile all-electric range for optimal cost efficiency. They identified California, Florida, and Texas as key target markets, highlighting California’s existing EV infrastructure as particularly advantageous.
Their marketing strategy encompassed the four Ps: Place (starting in California with online sales and urban showrooms), Product (launching a compact BEV with a 200-mile range), Promotion (digital campaigns and partnering with green influencers), and Price (offering competitively priced BEVs to gain market traction).
Team EVolutionaries concluded their presentation with a forecast predicting a 70% expansion in the EV sector over the next decade and a 40% reduction in carbon emissions. They also showcased an interactive dashboard as part of their solution, providing insights into the average electric range by vehicle type and other key analyses.
Their well-rounded approach combined detailed market analysis with practical recommendations, painting a vivid picture of a sustainable and innovative future in the BEV market.
Below is a video of their presentation:
1st Place: Team Reese’s
The first-place honors were clinched by ‘Team Reese’s’, whose members Zhu, Charmaine, and Gary delivered an impressive pitch titled “Driving the Future: Apex’s BEV Strategy”. They began by highlighting the projected growth of the U.S. BEV market, emphasizing the significant opportunity this expansion presents.
Their product, Apex, was introduced as a groundbreaking BEV that addresses the range, service, and reliability concerns prevalent in the market. They presented detailed market analysis showing Tesla’s dominance but also identified gaps in the market, particularly in terms of reliability and customer service preferences.
Team Reese’s strategy revolved around targeting three consumer segments: businessmen, suburban dwellers, and residents in colder climates. They identified Washington and Massachusetts as initial target markets, selected for their existing EV infrastructure and supportive government policies.
The team’s value proposition was anchored in four innovative features: a modular design, a solid-state battery, a plug-and-play system, and a bar warranty policy. They compared their production costs with Tesla, showing Apex’s competitive edge due to its modular design and lower manufacturing costs.
Their proprietary solid-state battery was presented as a major innovation, offering higher energy density and a longer warranty compared to competitors. The team also outlined their product lines: Apex One and Apex LD, each designed for different customer needs and priced strategically to capture the market.
Team Reese’s distribution strategy included collaborating with after-sales markets and car dealerships, leveraging their plug-and-play structure for easy maintenance. They also planned to establish direct-to-consumer channels and B2B channels for supplying solid-state batteries.
The presentation concluded with a detailed 5-year roadmap, highlighting their production, partnership, and market expansion plans. They also discussed potential risks and mitigation strategies, such as competition from incumbents and disruptions in supply chains.
Team Reese’s approach combined innovative technology, strategic market positioning, and a comprehensive understanding of consumer needs, setting their proposal apart as a visionary blueprint for success in the BEV market.
Below is a video of their presentation:
Conclusion
In concluding our reflection on this case competition, we extend our deepest gratitude for your time and engagement with this blog. Your thoughts and perspectives are invaluable to us, and we warmly encourage you to share any feedback or questions by leaving a comment.
A special thank you goes to Ganesh Mani, a faculty member at Carnegie Mellon University, for his insightful contributions to the panel of judges. His expertise and guidance were instrumental in the success of this event. Additionally, our heartfelt thanks go to all the officers of the Tepper Data Analytics Club, particularly Abhishek Pisipati, Sai Balijepalli, Sireesha Galla, and Ankur Tyagi, for their impeccable organization and execution of this event. Their hard work and dedication fostered an environment conducive to innovation and creativity.
If you’re intrigued by the possibilities of collaboration or wish to connect further, there are several opportunities available. We invite you to subscribe to the 99P Labs blog here on Medium for regular updates, join our professional network on LinkedIn, or reach out directly via email at research@99plabs.com. Each connection, question, and collaboration enriches our journey and opens new doors to exploration and innovation.
Thank you once again for your interest and engagement. We look forward to discovering and embracing the endless possibilities that lie ahead in the dynamic world of technology and mobility.
