Study Finds Potential to Reduce NYC Trade Deficit by $186M

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NEW YORK, NY. Sept, 23, 2008 - A recent study conducted by Stax Inc. shows that shifting NYC taxis entirely hybrid will effectively remove the emissions equivalent of 85,000 cars, and save 50M gallons of fuel (or roughly 2.5M barrels of oil) annually. The gasoline savings would reduce New York City’s trade deficit by $186M, which will result in over 26,000 taxi drivers with more money to spend locally. Adding livery and limousines to the hybrid shift would triple the gas savings and deficit reduction, and double the number of drivers with more money in their pockets.

Stax’s analysis shows that a hybrid taxi can provide gas savings of $40,000 over the lifetime of the vehicle, which more than covers the expense of buying a hybrid, proving a Return on Green™—an environmentally friendly investment that provides positive, real returns. Even in cities historically using older vehicles for taxis, Stax has seen owner operators switch from old cars to new hybrids as the monthly gas savings easily cover the monthly financing cost and insurance of a new vehicle, demonstrating a monthly ROG™. Traditional miles-per-gallon data on hybrid v. non-hybrid vehicles is nowhere near reflective of taxi driving patterns, and the Stax Inc. ROG™ analysis is groundbreaking in taking a financial and market-based approach to environmental issues. According to CEO Rafi Musher, “We certainly want people to be environmentally friendly, but we the think the best place to start is showing them where they can increase profits by being environmentally friendly.”

Stax’s analysis based on proprietary research shows a groundswell of support among drivers for hybrids: over 90% of NYC fleet drivers are willing to pay $5 or more, per shift, to lease and drive a hybrid versus a Crown Victoria. Stax’s figures further show 60% of fleet drivers are willing to pay $7.50 more per shift, showing a Return on Green™ for fleet owners, who, depending on the regulatory environment, could see additional revenue of $3,800 - $5,400 per year.