EV Sales Gaining On ICE
We are going to see another year of greater than 50% growth in EV sales. This difference between ICE and EV sales is still large. We also saw an increase in ICE sales last year, after a couple years of decline.
In this video I discuss how ICE sales could face some headwinds if we enter a recession. Also, the ability to reduce the cost of these vehicles is not possible. EV pricing will follow its cost curve.
▶️ 3Speak
0
0
0.000
Congratulations @taskmaster4450le! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)
Your next target is to reach 570000 upvotes.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out our last posts:
Summary:
In this video transcript, Taskmaster 4450 discusses the rise in electric vehicle (EV) sales and the decline in internal combustion engine (ICE) vehicle sales. He mentions that California has reached 25% of new vehicle sales as EVs, highlighting the growth of EVs in the market. Taskmaster also discusses the dominance of ICE vehicles in segments like pickup trucks and the challenges facing the EV industry, particularly in terms of pricing and market penetration. He emphasizes how advancements in EV technology, such as reducing the reliance on materials like Cobalt, are driving down costs and making EVs more competitive in the market.
Detailed Article:
Taskmaster 4450 focuses on the current trends in the automotive industry, specifically the shift towards electric vehicles (EVs) and the impact this has on the sales of internal combustion engine (ICE) vehicles. He starts by noting the significant market share of EVs in California, which stands at 25% of new vehicle sales. Taskmaster points out that California, as a large automotive market, sets a notable example for the entire industry. He further explains that the trend of increasing EV sales is not limited to California but is also observed in China and Europe, the top two and three auto markets respectively.
There is a discussion around the potential impact of a recession on ICE and EV sales. Taskmaster poses the question of whether ICE sales will decrease during a recession, providing an opportunity for EVs to gain market share. He emphasizes the importance of timing regarding when a recession hits and the advancements made in the EV industry. The luxury status of most EVs is highlighted, with brands like Tesla primarily competing against luxury ICE vehicles from manufacturers like Mercedes, BMW, and Audi.
The analysis delves into the challenge posed by the lack of medium-priced EVs and the dominance of ICE vehicles in segments like pickup trucks, a significant market in the US. Taskmaster explains that the pricing of EVs is expected to decrease as manufacturers target different market sectors, making EVs more accessible to a broader range of consumers. He contrasts this with ICE vehicles, stating that the cost of producing ICE vehicles is unlikely to decrease significantly due to factors like increasing labor costs over time.
Furthermore, Taskmaster discusses how innovation in EV technology, particularly in battery development, is driving down costs. By reducing the reliance on expensive and unstable materials like Cobalt, EV manufacturers like Tesla are making EV production more cost-effective. This technological advantage, he argues, positions EVs to become increasingly competitive in the market, gradually closing the gap between ICE and EV sales.
In closing, Taskmaster 4450 highlights the ongoing advancements in EV technology that are expected to drive down costs and increase the affordability and market competitiveness of EVs compared to ICE vehicles. This detailed analysis underscores the significant impact of these trends on the automotive industry and consumer preferences, paving the way for a potential shift towards a more sustainable and electric-driven future.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.