Auto executives less confident of EV adoption than last year

The survey was conducted in October 2022, with over 915 executives participating.

As per a new survey conducted by KPMG, automotive executives are less confident about the rate of EV adoption than they were a year ago.

Reports state that automotive executives felt that the estimate of new vehicles sold being EVs by 2030 went down from 20-70% last year to 10-40% this year. The median expectations of total EV sales by 2030 stood at 35% of all new vehicles – a steep drop from the 65% estimation expected last year.

The declining confidence towards EV adoption is said to be due to the stricter requirements for incentives, rising concerns about the raw materials used in batteries and increasing vehicle prices. In addition to this, there are also concerns about supply chain issues and the fears of a recession. Gary Silberg, Global Head of Automotive, KPMG, said, “You can be long-term optimistic, but near term, you’ve got to be very realistic.”

The KPMG survey also yielded surprising results in terms of the automotive brands in the global EV market. While the survey stated that Tesla would remain the market leader in the global EV segment, it also mentioned that Apple (still rumoured to be developing an EV) would be among the top brands in the EV segment. Silberg said that the sentiment around Apple is based on its brand, mass production experience & tie-up with Foxconn – who themselves are about to enter the automotive industry with an electric pickup manufactured in Ohio, USA.

In the list of global EV market leaders, the 2022 survey had Apple in fourth place with 133 points, while Telsa topped the chart with 223 points. Audi (206) and BMW (196) came close in second and third position, respectively. Ford, Honda, BYD & Hyundai-Kia were also in the mix, with Mercedes-Benz in ninth and Toyota in tenth, completing the top 10 list.

The survey was conducted in October 2022, with over 915 executives participating. This number included 200 respondents who were CEOs, and 209 of them were C-level executives. More than 300 respondents were from North America, 252 of who were from the US.

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