Auto Executives Are Losing Confidence in EV Adoption

While the rollout of new EV models, government mandates, and infrastructure funding may make it seem like the EV adoption ball is rolling, there are skeptics, and they’re in places you might not expect. CNBC reports that auto industry executives aren’t as confident in EV adoption as they were a year ago. And that confidence has been dropping significantly.

An international survey given to 900 auto executives by international consulting firm KPMG found just who is losing confidence in what. Internationally, executives think just 10 to 40 percent of new vehicle sales will be EVs by 2030. That’s down from 2021, where executives estimated 20 to 70 percent of sales. In the U.S., executives have a similar outlook.

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While the Biden Administration wants 50 percent of auto sales to be electric by 2030, industry executives are on a slightly different page than they were a year ago. In 2021, executives estimated 65 percent of sales would be EVs; that’s now dropped to 35 percent.