Team-BHP - Electric vehicle demand weaker than initially expected, say auto industry execs
Team-BHP

Team-BHP (https://www.team-bhp.com/forum/)
-   Electric Cars (https://www.team-bhp.com/forum/electric-cars/)
-   -   Electric vehicle demand weaker than initially expected, say auto industry execs (https://www.team-bhp.com/forum/electric-cars/272604-electric-vehicle-demand-weaker-than-initially-expected-say-auto-industry-execs-8.html)

Interesting times going ahead, specially for automobile industry. This is what I had been vocal about from the beginning, if Trump takes over the presidency.

Executive order for unleashing American energy;

Source

Quote:

(e) to eliminate the “electric vehicle (EV) mandate” and promote true consumer choice, which is essential for economic growth and innovation, by removing regulatory barriers to motor vehicle access; by ensuring a level regulatory playing field for consumer choice in vehicles; by terminating, where appropriate, state emissions waivers that function to limit sales of gasoline-powered automobiles; and by considering the elimination of unfair subsidies and other ill-conceived government-imposed market distortions that favor EVs over other technologies and effectively mandate their purchase by individuals, private businesses, and government entities alike by rendering other types of vehicles unaffordable;

Sec. 7. Terminating the Green New Deal. (a) All agencies shall immediately pause the disbursement of funds appropriated through the Inflation Reduction Act of 2022 (Public Law 117-169) or the Infrastructure Investment and Jobs Act (Public Law 117-58), including but not limited to funds for electric vehicle charging stations made available through the National Electric Vehicle Infrastructure Formula Program and the Charging and Fueling Infrastructure Discretionary Grant Program, and shall review their processes, policies, and programs for issuing grants, loans, contracts, or any other financial disbursements of such appropriated funds for consistency with the law and the policy outlined in section 2 of this order. Within 90 days of the date of this order, all agency heads shall submit a report to the Director of the NEC and Director of OMB that details the findings of this review, including recommendations to enhance their alignment with the policy set forth in section 2. No funds identified in this subsection (a) shall be disbursed by a given agency until the Director of OMB and Assistant to the President for Economic Policy have determined that such disbursements are consistent with any review recommendations they have chosen to adopt.

Sec. 3. Immediate Review of All Agency Actions that Potentially Burden the Development of Domestic Energy Resources. (a) The heads of all agencies shall review all existing regulations, orders, guidance documents, policies, settlements, consent orders, and any other agency actions (collectively, agency actions) to identify those agency actions that impose an undue burden on the identification, development, or use of domestic energy resources — with particular attention to oil, natural gas, coal, hydropower, biofuels, critical mineral, and nuclear energy resources — or that are otherwise inconsistent with the policy set forth in section 2 of this order, including restrictions on consumer choice of vehicles and appliances.
Probably that's why the share market is tumbling.

Electric car sales in EU drop in 2024, as governments withdraw subsidies.

New data from industry body reveals a slump of almost 100,000 sales after Germany and France cut grants.

Some 91,400 fewer EVs – or a 1% reduction in market share – were sold in the EU in 2024 compared with the year before.

The slump is tied to the withdrawal of EV subsidies in key markets, as governments across the EU tighten their belts.

Link:

Quote:

Originally Posted by SKC-auto (Post 5914029)
At this point, the new administration cannot do much to limit EV sales. They will ensure the death of GM and Ford.

California and other states will still implement their mandates.

Absolutely. EVs will take over on their own merit even without govt help. It will take a bit longer though. Any company that ignores EVs is writing it's own obituary. Reminiscent of Nokia and Kodak.

In changing times, just 5% of Americans surveyed want an EV as their next car. Demand for EVs are on a declining trend, in most countries.

Quote:

A new study has revealed that most Americans still want an ICE for their next vehicle.
The demand for EVs and PHEVs varies between countries but remains low in many markets.
More than half of US car buyers are also considering switching to another brand.
- In most markets other than China, EVs and PHEVs were low on shopping lists.


Electric vehicle demand weaker than initially expected, say auto industry execs-screenshot-20250127-192813.jpg

Quote:

The study comes from Deloitte, a juggernaut of the advisory and consulting industry. It quizzed respondents about what kind of powertrain they’d prefer for their next vehicle. While the results varied between markets, gasoline and diesel-powered ICE models were by far the most popular.
That said, the study did reveal some intriguing tidbits. For instance, brand loyalty appears to be on the decline. In the US, 54% of vehicle owners plan to switch to another brand for their next car. This figure is even more dramatic in China, where a whopping 76% are ready to jump ship. Globally, Deloitte notes that brand defection is on the rise, signaling a shift in consumer priorities.

Electric vehicle demand weaker than initially expected, say auto industry execs-screenshot-20250127-192752.jpg

The study also touched on the often polarizing topic of autonomous vehicles, and it seems skepticism is still alive and well. In the US, 52% of respondents expressed concerns about robotaxi services operating in their neighborhoods, while 64% were uneasy about autonomous commercial vehicles cruising down highways. Despite all the buzz surrounding self-driving tech, it’s clear that many consumers aren’t ready to hand over the wheel just yet.

Electric vehicle demand weaker than initially expected, say auto industry execs-screenshot-20250127-192847.jpg

Link:

Quote:

Originally Posted by volkman10 (Post 5917450)
In changing times, just 5% of Americans surveyed want an EV as their next car. Demand for EVs are on a declining trend, in most countries.

At first glance I was surprised at this study result as I remember reading that last global sale of EV was good.

The study itself starts with “Last year, global sales of EVs and PHEVs soared to new heights, exceeding 17 million units for the first time. This represented a massive 25.6% increase over the previous year.”

The study does not indicate what different types of people were taken for sampling (like people in 20s, 30s, 40s, 50s, current EV owners, Hybrid owners, Tier1, Tier2, Tier3 city dwellers, etc.)

The sample size is very very small when I looked at sample size listed at the bottom of the images. There is high probability of results not showing actuals with such a minuscule sample size.

The sample size mentioned in this study are as below.

Hyundai to suspend EV production in S Korea due to slow demand, US tariffs .

Quote:

The South Korean automaker is expected to halt operations on some production lines from April 24-30 at its Ulsan complex, where it makes Ioniq 5 and Kona electric vehicles
Quote:

the suspension comes as EV orders from major markets have fallen sharply in April following the removal of government EV subsidies and U.S. tariffs on imported vehicles.
Hyundai Motor has said that it plans to keep sticker prices on its current model lineup steady for the next two months in an effort to ease customer concerns that the fallout from tariffs will impact dealer lots.

Link:


All times are GMT +5.5. The time now is 12:40.