Auto executives say more than half of U.S. car sales will be EVs by 2030, KPMG survey shows
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President Joe Biden talks during a visit at the General Motors Factory ZERO electrical vehicle assembly plant on Wednesday, Nov. 17, 2021 in Detroit.
Evan Vucci | AP
According to Automotive Executives, more than half their vehicles will be electric by 2030. President Joe Biden’s EV sales goalAccording to KPMG, a survey was released on Tuesday.
While the estimates of electric vehicles are not universally accurate, executives generally expect that 52% to 52% will be all-electric. Japan and China are expected to see the same level. according to the surveyIt polls more that 1,100 worldwide automotive executives.
Investors and other industry professionals may be surprised by the findings. Electric vehicles are rapidly becoming more popular in this country. U.S. remains far behind other countriesChina. Biden had already announced in August that he would be aiming to sell EVs, and included plug-in electric hybrid cars. However, automakers are not immune. Ford Motor General MotorsIt is only possible to commit to an aim of 40%- 50% for 2030.
Analysts and automotive forecasters agree that electric vehicles will become more popular than anticipated. However, they believe the industry is likely to continue its rapid growth. won’t hit Biden’s goal.
KPMG stated that the results of the survey are based on important economic assumptions. Seventy-three per cent of the respondents believe that EVs can be priced at parity with internal combustion engine by 2030. 77% of respondents believe EVs are feasible to adopt without subsidies from the government, while 91% support them.
It seems that there is more optimism towards EVs now than 12 months ago. The billions of dollars in new capital, as well as the influx of new cars into the market, are likely to explain this increase. “Our survey does show a broad range of opinions about 2030 market share, however,” Gary Silberg from KPMG, global head of automotive.
Many consumers still face difficulties in accessing charging stations. KPMG revealed that 77% expect their customers to travel with quick charges of less than 30 minutes.
KPMG reports that less than 20% are public EV chargers and can charge a car to 80% within 30 minutes.
Start-ups
Survey participants believed that an increase in electric car start-ups will have a moderate impact on the global automotive market. More than 60% agreed. This means that only a handful of companies will succeed. According to the survey, many will either be bought by bigger companies or remain niche players.
A further 31% said that they believed start-ups would have a major impact on the sector, and 8% claimed that most of them, if any, would fail.
Although there weren’t any mentions of companies in the survey, there were a few electric car start-ups that have recently entered the market. These include Rivian LucidBoth of these are producing automobiles. Other examples include Canoo, Lordstown Motors FiskerThey haven’t yet produced any revenue, if anything.
Bullish outlooks
KPMG’s 22http://nd.Annual Global Automotive Executive Survey revealed that 53% believed that the industry would see greater profitability over the next five-years, and 38% expressed concern about future profits.
China and the United States were home to the most optimistic executives. France, India and Brazil were the most optimistic, while Germany, Japan, and Brazil were middle.
KPMG interviewed 1,118 executives for the August survey. Nearly 372 of the respondents were CEOs, while 325 were other high-ranking executives. KPMG reported that almost a quarter of the respondents came from auto manufacturers and only 13% from top-tier suppliers.
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