Monumo’s AI powers over 11% material cost savings for EV motors
Monumo, the deeptech company coupling AI and machine learning (ML) with traditional engineering expertise to redesign the electric motor, has achieved an 11.4% reduction in the bill of materials (BOM) including a 23% reduction in magnet volume from an EV powertrain and without compromising efficiency.
For OEMs, these advancements could mean up to €50 million in cost savings for every million motors produced.
The company’s scalable, machine learning-friendly Anser Engine can now produce 800,000 designs in just 72 hours, with industry-leading accuracy. Through these improvements in simulations, Monumo has been able to explore complex system-level interactions like never before.
The emergence of low-cost EV competition in China means that traditional automotive powerhouses are under pressure to reduce the production cost of an EV powertrain as a key priority. In March, a McKinsey report recommended that accelerating product development cycles and the reduction of product costs were both integral to the European automotive industry regaining competitiveness. Through its partnership with hofer powertrain to reduce powertrain development timeframes, and now these new cost-saving advancements, Monumo has demonstrated the potential of the Anser Engine to achieve significant reductions on both.
While battery prices are forecasted to drop significantly (Goldman Sachs predicts nearly 50% by 2026) and charging speeds are improving, the electric motor remains the critical frontier for cost reduction if EVs are to truly compete on price with internal combustion engine vehicles.
Dominic Vergine, CEO and co-founder at Monumo, said: “From working with a number of global OEMs and Tier 1s, it’s clear that the pressure to remove cost from electric motors has never been more acute. Permanent magnets account for 30-50% of the total cost of an EV motor. Monumo can, today, reduce the use of permanent magnets by almost a quarter with a total cost per unit reduction of over 11% - all whilst maintaining the same motor efficiency.
“Our Anser Engine is already reaching new heights that surpass human ability, but these results are just the beginning. If European manufacturers adopt AI, along with the continued reduction in battery costs and reduced charging times, the price point can become competitive with ICE vehicles. Even more importantly, it offers Europe a better chance at competing with the Chinese EVs currently flooding the market.”
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