The EV Journey: From Cleveland to the Forefront of Electric Vehicles

Peter’s connection to the automotive industry runs deep. Raised in Cleveland, Ohio, with a family legacy tied to General Motors, his path into the automotive industry seemed destined. His Norwegian heritage further cemented his interest in electric vehicles, given Norway's leadership in EV adoption, where nearly 90% of new cars sold are electric. "Automotive is in my blood," says Peter. "My grandfather worked for GM for 35 years, and my Norwegian background introduced me to the forefront of EV adoption."

When Peter left his investment banking job to found his own company, he was introduced to his co-founder and EV industry expert, Ziggy Zabieta, during a start-up accelerator program. They started studying the trends and hypothesizing the potential growth of EVs in the US. This led to the founding of Lectrium and backing from notable investors like Antler Global. Lectrium initially focused on installing in-home charging units for EV owners, a critical component for EV adoption.

Shifting Focus: Empowering Dealerships in the EV Market

As Lectrium grew and started working with dealerships, Peter and his team identified a new challenge: helping dealerships better sell electric vehicles in a complex market environment.

"We realized there were more problems to solve," Peter explains in the podcast. "Our passion now is to help dealerships sell EVs with better data, reduce their days on the lot, and communicate the benefits of electric vehicles to customers."

The shift from in-home charging to dealership support is driven by a desire to ease the transition for traditional car dealerships into the electric era. By providing data-driven insights and tools, Lectrium aims to build EV confidence among dealers and help them effectively market and sell EVs.

Overcoming Challenges and Embracing Opportunities

The journey hasn't been without its hurdles. The U.S. market differs significantly from Europe in terms of charging infrastructure and consumer mindset. However, Peter is optimistic, citing the role of policy in driving action.

"Policy drives action," he asserts. "The federal clean vehicle tax policy and state-level incentives are aligning nicely to encourage EV adoption in the U.S."

Lectrium's digital tools centralize diverse EV data—from federal and state incentives to real-time changes in gas and electricity prices—providing dealerships and their EV shoppers with a clear, comprehensive picture of the benefits of driving electric cars. This transparency is crucial in educating consumers about the true cost of owning an electric vehicle and helping them understand the significant savings they can accumulate over time by driving electric.

A Database Powerhouse: Supporting EV Dealerships with Data

One of Lectrium's significant achievements is its extensive database with data on over a thousand different types of electric vehicles and plug-in hybrids. This database includes critical information important for EV shoppers, such as battery size, range, and charging speed, coupled with up-to-date federal and state tax incentives.

"Our tech team has built a robust database," says Peter. "This allows us to provide real-time information to dealerships, helping them answer customer questions swiftly and accurately."

The Future of EVs in the US: Exciting New Models and Collaborations

Looking ahead, Peter is excited about the influx of new electric vehicle models hitting the market. With over a hundred new models expected in 2024, the landscape is rapidly evolving.

"Brands that didn't have an EV before now have them," Peter notes in the podcast. "Cadillac, Honda, Chevrolet, Acura—all are rolling out new electric models."

Lectrium is also part of Urban-X, a program sponsored by BMW and Mini Cooper, which has been instrumental in refining their business model and market strategy. An upcoming announcement from Lectrium, in collaboration with Mini, promises to further solidify their commitment to supporting dealerships.

Leading the Charge in the EV Revolution

Peter Barba’s journey from finance to automotive entrepreneur underscores his dedication to fostering change in the EV industry. His leadership at Lectrium is driving meaningful progress, empowering dealerships with the tools and data they need to succeed in the electric era.

As Peter aptly puts it, "When things are hard, you have two options: ignore it or step up. We're stepping up, and we're excited to see others do the same."

The future of automotive is electric, and pioneers like Peter and Lectrium are lighting the way.

Watch the full interview

Check out the full podcast episode of "In the Dirt with ASOTU" with Peter Barba on YouTube.