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<ul class="summary-list"><li>The CEO of <keyword id="20763638" type="General" weightage="20" keywordseo="Tesla-rival" source="keywords">Tesla rival</keyword> Lucid had a scathing assessment of the EV market in the US.</li><li><keyword id="23975725" type="General" weightage="20" keywordseo="Peter-Rawlinson" source="keywords">Peter Rawlinson</keyword> said most electric cars in the US "frankly suck" and were underwhelming.</li></ul>The boss of one of <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla's</a> biggest rivals thinks he knows why the US public isn't being won over by EVs. Peter Rawlinson, the <a target="_blank" class="" href="https://www.businessinsider.com/lucid-ceo-comments-tesla-losing-its-way-elon-musk-distracted-2024-5">CEO of Lucid Motors and a former VP of engineering at Tesla</a>, spoke on the Cars and Culture podcast last week that most of the <keyword id="19895203" type="General" weightage="100" keywordseo="Electric-Vehicles" source="keywords">electric vehicles</keyword> on offer "frankly suck." Asked whether EVs in the US have a perception problem, Rawlinson said the problem was "not perception, but reality." "I think many people have driven EVs that frankly suck. I know because I drive all the competition," he said. "I think that the American public has been ill-served by underwhelming EVs," Rawlinson added. Rawlinson, who previously worked for Elon Musk and helped build Lucid, became CEO of Lucid in 2019. The EV startup is gearing up to launch its new electric SUV, the <a href="https://www.businessinsider.com/luvid-gravity-suv-details-photos-tesla-topping-range-interior-cargo-2023-11" target="_blank">$94,900 Gravit</a>y, with production expected to start by the end of this year. Lucid has <a target="_blank" class="" href="https://www.businessinsider.com/tesla-vs-lucid-which-is-better">touted its industry-leading technology</a> but continues to be stuck in the so-called EV "valley of death." The company reported revenues of $200 million in the most recent quarter and a net loss of $992 million. In August, it secured another $1.5 billion in investment from Saudi Arabia's Public Investment Fund, its majority shareholder. Meanwhile, EV sales growth in the US has slowed this year amid a dearth of affordable electric options. According to Kelley Blue Book, the average price of a new electric vehicle in the US in September was $56,000, compared to $48,397 for combustion-engine vehicles. <h2>China races ahead</h2>US automakers are grappling with the challenge posed by Chinese EV companies like BYD and Xiaomi, who have rolled out affordable electric vehicles packed with advanced technology. While these companies are unable to sell their cars in America due to <a target="_blank" class="" href="https://www.businessinsider.com/tesla-criticizes-biden-plan-to-ban-chinese-tech-in-cars-2024-11">cripplingly high tariffs</a>, they are putting Western companies under pressure in China and attracting plaudits in the US, with Ford CEO <a target="_blank" class="" href="https://www.businessinsider.com/ford-ceo-driving-xiaomi-su7-electric-vehicles-ev-2024-10">Jim Farley praising Xiaomi's SU7 EV</a>. Rawlinson previously described China's automakers <a target="_blank" class="" href="https://www.businessinsider.com/lucid-chinese-automakers-years-behind-tesla-electric-vehicles-elon-musk-2024-5">as "years behind" the likes of Tesla</a> in terms of core EV technology. Speaking on the Cars and Culture podcast, he said Chinese companies like BYD were ahead of US rivals in battery chemistry and assisted driving technology — but said they benefit from an "uneven playing field" due to government subsidies. "I think the Chinese do have a fundamental advantage because when the government says go, they all go in the same direction instead of arguing with each other," Rawlinson said. A study from the Centre for Strategic and International Studies think tank, released earlier this year, found that China has <a target="_blank" class="" href="https://www.businessinsider.com/china-electric-vehicles-government-subsidies-win-ev-race-byd-tesla-2024-6">provided at least $230 billion in support</a> to electric vehicle makers such as BYD since 2009. "I'd say they're still behind in terms of the core EV powertrain technology, but don't underestimate them," Rawlinson added. Lucid did not respond to a request for comment, sent outside normal working hours. This story has been amended to state that the production of Lucid's Gravity SUV is scheduled to start at the end of 2024.

Drivers are being 'ill-served by underwhelming EVs,' says boss of Tesla rival Lucid 

<ul class="summary-list"><li>China's BYD passed <a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> as the world's top EV seller last year.</li><li>Just don't count on the carmaker cracking the US market anytime soon.</li></ul>Japanese and Korean carmakers cracked the US market long ago — but don't expect Chinese EV seller BYD to repeat that feat.There's no chance the company, which passed Tesla to become <a target="_blank" href="https://www.businessinsider.com/china-byd-tesla-electric-car-ev-race-2023-11">the world's top EV seller</a> last year, will "do a Toyota" by expanding Stateside, a top exec said last month."We're not planning on coming to the US," <a target="_blank" href="https://www.businessinsider.com/apple-car-latest-casualty-of-brutal-ev-market-byd-china-2024-2">BYD Americas CEO</a> Stella Li told Yahoo Finance."It's an interesting market, but it's very complicated if you're talking about EVs."According to analysts, even if BYD did want to start selling its cars in the US, a combination of geopolitical challenges and weak demand would leave it facing an uphill battle."It'd be very difficult for a Chinese EV maker to enter the US market," Seth Goldstein, an equity strategist at Morningstar, told Business Insider. "Even if BYD were to try, I'm not sure how much consumer demand there would be — it'd take some time for them to prove themselves." <h2>Doing a Toyota</h2>In the past, Asian automakers have managed to carve out a huge slice of the US market.Toyota established its first office in North America in 1957 — just 12 years after World War II ended. It's been scaling up its US business since then, and passed <a target="_blank" href="https://www.just-auto.com/news/toyota-overtakes-gm-in-2021-us-market/">General Motors</a> as the top-selling carmaker in 2021.Japanese rivals Nissan, Mazda, Lexus, Honda, Suzuki, and Mitsubishi surged in popularity in the US over the second half of the 20th century. South Korea's Hyundai and Kia also made big inroads.It's easy to imagine BYD and other China-based EV brands claiming the North American market in a similar fashion. Just as Toyota and its peers were able to outperform their US rivals thanks to more efficient manufacturing processes, BYD offers something different to its competitors.Ford CEO Jim Farley said last month that smaller, cheaper EVs would be key for driving sales growth. Yet neither Ford nor Tesla appear close to launching a vehicle that could compete price-wise with BYD hatchbacks like the <a target="_blank" href="https://www.businessinsider.com/byd-seagull-cheap-ev-electric-car-tesla-china-2023-4">$11,000 Seagull</a>.<div type="image" title="The yellow BYD Seagull electric hatchback. The yellow BYD Seagull electric hatchback." height="1668" width="2500" msid="108353712" hostid="261" sizebytes="178374"></div>"Japanese and Korean manufacturers became successful in the US because they brought a product to the market that consumers were crying out for," Will Roberts, automotive research lead at the EV intelligence firm Rho Motion, told BI. "Their cars were more reliable, more fuel efficient, more affordable … there's certainly a comparison to be made here."However, things have now changed he added: "Considering the tensions between the US and China today, Chinese EV makers will likely find entering the US market a lot more difficult."<h2>Geopolitical challenges</h2>Both Goldstein and Roberts flagged the <a target="_blank" href="https://www.businessinsider.com/read-heres-whats-in-the-manchin-deal-for-bidens-agenda-2022-7">Inflation Reduction Act of 2022</a> as one factor that could make it much tougher for BYD and other Chinese EV makers to expand in the US.The bill, a key part of US President Joe Biden's economic agenda, offers tax credits worth up to $7,500 for EV makers, excluding any "Foreign Entity of Concern."In November, the Energy and Treasury Departments confirmed that companies from <a target="_blank" href="https://www.reuters.com/markets/commodities/us-looks-shut-china-out-its-battery-supply-chain-2023-12-05/">China, Russia, Iran, and North Korea</a> would all be classed as foreign entities — meaning Chinese EV makers like BYD aren't eligible for the subsidies.<div type="image" title="President Joe Biden signs the Inflation Reduction Act into law at the White House surrounded by members of Congress." height="683" width="1024" msid="108353714" hostid="261" sizebytes="77284"></div>The White House would likely bring in more restrictions if BYD or any other Chinese firm tried to crack the US market, according to Rho Motion's Roberts."If the US government were really worried about this, you'd quickly see legislation come into play that would either make it prohibitively expensive to buy a China-made EV or feed into consumers' negative perception of these sorts of vehicles," he told BI. Biden's decision to order an investigation into <a target="_blank" href="https://www.businessinsider.com/biden-administration-investigating-technology-in-chinese-cars-2024-2">smart cars</a> last month is a sign that lawmakers are determined to discourage the American public from buying Chinese vehicles, Roberts added.<h2>Weak demand</h2>As if those restrictions weren't off-putting enough, Chinese EV makers might also conclude that there isn't much life left in the US market, where EV sales edged up just 1.3% over the final three months of 2023, per data from <a target="_blank" href="https://www.coxautoinc.com/market-insights/q4-2023-ev-sales/">Cox Automotive</a>.BYD, for example, has vowed to scale up everywhere from Brazil to Thailand, but appears to have little desire to grow its business in the US, where top <a target="_blank" href="https://www.businessinsider.com/donald-trump-electric-car-supporters-rot-hell-christmas-truth-social-2023-12">Republican politicians</a> — and some voters — have turned aggressively anti-EV. The world's largest economy also lags behind China regarding <a target="_blank" href="https://www.businessinsider.com/china-byd-tesla-electric-car-ev-race-2023-11">charging infrastructure</a>.Conservative politicians slamming EVs "can bring a lot of confusion to consumers and also to auto manufacturers. They are not eager to invest," BYD Americas CEO Li <a target="_blank" href="https://finance.yahoo.com/video/byd-not-interested-united-states-182445977.html">warned last month</a>."In China, the message is strong. If you are not investing in an electric car, you are out. You will die. You have no future," she added.BYD isn't the only company turning its back on the US EV market. <a target="_blank" href="https://www.businessinsider.com/apple">Apple</a> has reportedly abandoned its lengthy effort <a target="_blank" href="https://www.businessinsider.com/apple-is-shutting-down-its-ev-project-2024-2">to build an electric car</a>, while Toyota has maintained focus on <a target="_blank" href="https://www.businessinsider.com/toyota-hybrid-cars-ev-sales-growth-prius-bz4x-2024-2">hybrids</a> to bring down prices.BYD failing to crack the US wouldn't be a death knell for the company — there's still potential for it to grow by ramping up its business in Asia and South America, according to Roberts.But it won't be able to repeat the success Japanese carmakers had at the end of the 20th century. Given that <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-01-10/us-electric-vehicle-sales-growth-hits-brakes-in-latest-quarter">EV sales growth</a> is stalling in US, it's perhaps little wonder companies like BYD are not too bothered.

China's BYD is the world's biggest electric car maker — but it's not coming to America anytime soon

<ul class="summary-list"><li>Elon Musk has a big task this week: convincing investors that Tesla is more than just a car company.</li><li>On Thursday, the Tesla boss will lead Tesla's Robotaxi Day and share updates on driverless cars.</li></ul>Over its roughly 100-year history, the Warner Bros. studio in Burbank has set the stage for some of America's most iconic stories. It may do so once again as <a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk</a> prepares to use the studio lot to tell another story: that Tesla is more than just a car company.On Thursday, the billionaire Tesla boss is set to take <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-event-warner-bros-discovery-studio-report-2024-9">center stage at the historic site</a> in California to host Robotaxi Day. The long-awaited event — originally scheduled for August — is meant to give weight to the electric vehicle maker's pitch that it is a tech company first and a car company second.More and more, Musk has been positioning Tesla as a company not just focused on accelerating the clean energy transition, much like other traditional automakers, but as one that has plans to lead in artificial intelligence, robotics, and autonomous vehicles.Musk has played his part in generating hype, <a target="_blank" href="https://x.com/elonmusk/status/1839124331709751451">sharing a poster about the event on social media</a> titled "We, Robot," alongside claims that the day will be "one for the history books." But as Musk prepares to unveil a major part of his vision for Tesla's future, he faces a high-stakes situation.<h2 id="a84658bb-034b-4957-b8b0-ec898b9907ad">Tesla's high-risk pivot</h2>Musk has given investors strong signals over the years about his intent to evolve Tesla into something more than just an EV maker.Back in 2019, at Tesla's then-headquarters in Palo Alto, the EV chief told shareholders that by 2020, he was confident that <a target="_blank" href="https://www.businessinsider.com/tesla-robo-taxis-elon-musk-pt-barnum-circus-2019-4">a fleet of one million driverless robotaxis</a> would swarm the streets and carry passengers. Though he missed this deadline, he has driven Tesla into other areas.In July, <a target="_blank" href="https://x.com/elonmusk/status/1815329637188202550">Musk wrote on X</a> that "Tesla will have genuinely useful humanoid robots in low production" for internal use next year and hopes to ramp up production to sell them to other companies in 2026. A prototype first shown in 2022 has been dubbed "Optimus."More broadly, Musk could look to humanoid robots and driverless cars as a way for Tesla to generate value from AI, the hyped technology put firmly on Silicon Valley's agenda after Musk's fellow cofounder at OpenAI and nemesis Sam Altman released ChatGPT in late 2022.That Tesla can capture a broader opportunity through robots and AI is not just Musk's conviction. Andrej Karpathy, Tesla's former director of AI, said in a <a target="_blank" href="https://open.spotify.com/episode/468FvK4ndE4nWgxFdOob4h?si=tLshtVhrQuSDKcOV7LazOQ">recent episode of the No Priors podcast</a> that he doesn't think Tesla is a car company; in his view, "cars are basically robots." Meanwhile, in July, <a target="_blank" href="https://x.com/DivesTech/status/1808269373209031018">Wedbush analyst Dan Ives claimed</a> the "Tesla AI story could be worth $1 trillion-plus and is the most undervalued AI name."<div type="image" title="Former Tesla AI director Andrej Karpathy." height="3132" width="4986" msid="114021292" hostid="261" sizebytes="259866"></div>However, what's critical to note is the timing for Tesla's robotaxi push. It comes at a tough moment for Elon Inc. For one, Tesla has been unable to escape sales pressure that has hit the wider EV market.In the first half of the year, <a target="_blank" href="https://www.sec.gov/Archives/edgar/data/1318605/000162828024032662/tsla-20240630.htm">Tesla generated $46.8 billion in revenue</a>, down from $48.3 billion in the same period last year. While Tesla posted a 6.4% year-on-year jump in deliveries for its third quarter, its value remains over $600 billion short of the $1.2 trillion peak it hit in November 2021.Caspar Rawles, chief data officer at Benchmark Mineral Intelligence, an industry firm focused on market prices and supply chain data for EVs, expects EV growth to continue long-term but acknowledges that recent macroeconomic headwinds have led to a slowdown."You've seen higher interest rates, inflation, all kinds of hangovers from the pandemic," Rawles told BI. "EV sales have grown far more quickly than traditional internal combustion engine vehicles; they're just not growing as quickly as people thought."Reactions to Musk's overall brand have become more visceral as Tesla's shareholder base has split on his leadership following his controversial transformation of Twitter into X and his <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-donald-trump-rally-butler-pennsylvania-assassination-attempt-2024-10">endorsement of former President Donald Trump.</a>"Elon bought Twitter and decided that he was going to become a global leader for the rightwing country of Elonville," said Ross Gerber, Gerber Kawasaki Wealth and Investment Management CEO and Tesla shareholder.Gerber told BI that while he believed EVs are a business that can be "wonderfully profitable" — something that made the case strong to invest in Tesla in years prior — he feels far less confident about the robotaxi pivot.This is largely because Musk will be entering a market where competitors have a headstart. Waymo, owned by Google's parent company, Alphabet, <a target="_blank" href="https://www.uber.com/newsroom/waymo-on-uber/">struck a partnership with Uber</a> last year. BYD, a <a target="_blank" href="https://investor.uber.com/news-events/news/press-release-details/2024/Uber-and-BYD-Partner-to-Accelerate-Global-EV-Transition/default.aspx">Chinese EV maker, has also partnered with Uber</a> to bring "autonomous-capable vehicles" to customers globally.In China, Tesla's biggest market outside the US, local internet giant Baidu has already deployed a robotaxi fleet called Apollo Go, first launched in Wuhan in 2022. It is aggressively enticing consumers with heavy subsidies that translate to dirt-cheap fares."Robotaxis, in theory, could be profitable as long as there's not a lot of competition," Gerber told BI. "The problem is that there is, and it's already on the road."Questions also remain over how confident regulators are about the safety of robotaxis. Last year, GM-owned self-driving company <a target="_blank" href="https://www.businessinsider.com/cruise-slashes-robotaxi-fleet-half-after-collision-incidents-san-francisco-2023-8">Cruise took a reputational hit following crashes</a> involving its vehicles. Incidents like this have a knock-on effect on how the wider autonomous vehicle space is perceived, including Tesla's robotaxis. That's especially true because experts think the fully realized version of Musk's robotaxi ambitions presents technical challenges. Paul Miller, principal analyst at Forrester, said full autonomous driving means "a vehicle should be able to drive itself pretty much anywhere a human driver could, on any type of road, in any weather conditions.""It's more achievable to allow cars to drive themselves on particular types of road, in known locations, and in specific conditions," he said ahead of Tesla's Robotaxi Day.Clearly, then, Musk has a big story to tell on Thursday. Under the Hollywood lights, he'll be hoping investors are willing to believe in it as much as he is.

Elon Musk is ready to make his biggest pitch yet that Tesla is more than just a car company

Last week, the President of the United States, <keyword id="19919748" type="General" weightage="20" keywordseo="joe-biden" source="keywords">Joe Biden</keyword>, announced significant tariffs on a range of <keyword id="20139085" type="General" weightage="20" keywordseo="Chinese-products" source="keywords">Chinese products</keyword> to protect American workers from unfair trade practices. The targetted measures include a 100% tariff on <keyword id="6354973" type="General" weightage="20" keywordseo="electric-vehicles" source="Orion">electric vehicles</keyword>, a 50% tariff on semiconductors and solar cells, and a 25% tariffs on batteries, steel and aluminium products, some critical minerals, and essential health equipment like medical gloves, syringes and needles. In his address from the Rose Garden of the White House, Biden said America can continue to buy any kind of car they want, "but we're never going to allow China to unfairly control the market for these cars. Period." He claimed that the Chinese government has been investing state funds in various Chinese companies for years, spanning industries across the above-mentioned sectors. How does this brewing geopolitical <keyword id="20736760" type="General" weightage="20" keywordseo="trade-war" source="keywords">trade war</keyword> impact <keyword id="20742235" type="General" weightage="20" keywordseo="Indian-firms" source="keywords">Indian firms</keyword>? Experts say the impact could be in two ways, benefitting some sectors, while harming the few others. Let’s start with the bad news. <cmsannotation type="cmsannotation" annotationid="Threat to Indian firms" comment="subhead" text="Threat to Indian firms">Threat to Indian firms</cmsannotation> Beijing offers significant subsidies on most of these products, leading to surplus production that exceeds domestic and even regular export demand. Subsequently, Chinese companies are known to flood the global markets with surplus products at unreasonably low prices, forcing local manufacturers out of business in many countries, including <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>. A prime example of this in practice can be found in the steel sector, where weak domestic demand is pushing the world’s largest steel producer China to offload surplus production into Indian markets at cheaper prices. Indian steel manufacturers are already struggling to compete with a glut of cheaper Chinese steel, with shipments nearly doubling year-on-year in the financial year ending March 2024. “India is already under grave threat of import because all major steel consuming economies are shutting their doors on these steel producing countries. We are highly vulnerable to surging and predatory import,” said Alok Sahay, secretary general of the Indian Steel Association, to Reuters. Global trade experts say that a majority of Chinese products are sold at unreasonably low prices in global markets because the companies in these sectors do not have to worry about profits. They are heavily subsidised by the Chinese government. <keyword id="20279291" type="General" weightage="20" keywordseo="Steel-Authority-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Steel Authority of India" meta.hostid="261" meta.entityid="Steel Authority of India">Steel Authority of India</keyword>’s (SAIL) chairman Amarendu Prakash also said that they are keenly watching Chinese imports after the US tariff increases. Additionally, China has been accused of employing anti-competitive strategies like compelling foreign companies to transfer their technology in order to operate in China. These factors have led to the US effectively shutting its door on several Chinese products through heightened tariffs, and other developed markets like Canada are also likely to follow suit. White House also emphasised that it continues to consult with its partners and allies who are facing similar threats from China’s unfair trade practices and are keen on taking action. If more and more global markets restrict entry of Chinese products, the risk of the majority of such products being dumped in neighbouring India increases drastically. Trying to block Chinese excess production "is like squeezing a balloon. It shrinks in one place and pops out in another," William Reinsch, a trade expert at the Center for Strategic and International Studies in Washington, tells Reuters. <cmsannotation type="cmsannotation" annotationid="An opportunity also arises" comment="subhead" text="An opportunity also arises">An opportunity also arises</cmsannotation> While some products risk being dumped into the Indian market, in a few other cases, Indian firms could benefit from fresh openings in the lucrative US market. "Of the products affected, India has opportunities in face masks, PPE, syringes &amp;needles, medical gloves, aluminium, iron, and steel. Opportunity may come in China also with retaliation, provided we have market access in products targeted by China," Ajay Sahai, Director General of the Federation of Indian Export Organisations (FIEO), told ANI. However, China is not likely to retaliate against the US tariffs at the moment, say experts, though the country’s Ministry of Commerce said it would take 'resolute measures to safeguard its own rights and interests' "China's economy is fragile. With household spending and the property market on the wane, manufacturing for export markets is one of its few bright spots. Beijing will not want to cut off its nose to spite its face. More broadly, China is desperately trying to encourage new foreign investment. Rash retaliatory action could spoil its case," Moody's Analytics explained in a recent report. Out of China's USD 420 billion exports to the US, only USD 18 billion is impacted due to the latest hike in tariffs — representing slightly over 4% and therefore considered marginal. But Sahai says that this market will continue to grow with time and provides an opportunity to India and other competitors to chip in the supply gap. Ajay Srivastava, the founder of the Global Trade Research Initiative (GTRI), also echoes Sahai’s opinions. He emphasised that the increased duties on Chinese face masks, syringes, needles, medical gloves, and natural graphite offer a substantial opportunity for India, as quoted by ANI. "By ramping up production and export of these in-demand products, India could enhance its trade footprint in the US market," he added. In terms of products like electric vehicles and semiconductors, India remains a net importer, and therefore, may not be in a position to capitalise right now. In the long term, however, as India begins semiconductor production at scale in 2025, there will be opportunities to export some of it to the US and other European countries, offering fresh impetus for domestic manufacturing. As the security risks associated with importing Chinese semiconductors prompts more and more trade barriers from the Western countries, demand for supply from India is likely to grow. Efforts are already underway for the establishment of four large semiconductor plants in India, with three located in Gujarat and one in Assam. Last fiscal year, Indian exports to the US dipped marginally by 1.32 per cent to $77.5 billion as against $78.54 billion in 2022-23. The new development now gives an unique opportunity to turn the tide over the next few years. Overall, some sectors like steel and aluminium do face a serious challenge due to the fresh US tariffs on Chinese products. However, the development will open new avenues for Western market entry and expansion for several other products. (With inputs from agencies)

US-China tariff war could benefit several sectors in India while harming a few others

<ul class="summary-list"><li>Auto execs are nervous about transitioning to EVs, consulting firm KPMG found in a new survey.</li><li>That's amid supply chain crises and inflation problems.</li></ul>Auto executives aren't as confident in electric car adoption as they once were — but they're largely blaming their concerns on all sorts of market dynamics and supply chain snafus, rather than consumers.In a survey of more than 900 auto industry execs published in December, KPMG <a href="https://www.cnbc.com/2022/12/20/auto-execs-less-confident-in-ev-adoption-amid-economic-fears-kpmg.html">found that</a> respondents think only 37% of new vehicle sales in the US will be electric by 2030. That's a dramatic drop from <a href="https://www.cnbc.com/2021/11/30/auto-executives-say-more-than-half-of-us-car-sales-will-be-evs-by-2030-kpmg-survey-shows.html">this same time in 2021</a>, when surveyed executives expected 62% of car sales in the US would be EVs by 2030.The Biden administration has <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/09/14/fact-sheet-president-bidens-economic-plan-drives-americas-electric-vehicle-manufacturing-boom/#:~:text=The%20President%20united%20automakers%20and,%2C%20EV%20chargers%2C%20and%20batteries.">said</a> that it's <a href="https://www.businessinsider.com/biden-wont-mandate-evs-some-experts-say-he-should-2021-8">targeting EVs to make up half</a> of all vehicles sold in the US by that year. In June, the trade group representing virtually every major automaker <a href="https://www.autosinnovate.org/posts/blog/epas-ev-rules-what-it-means-for-china-and-the-us-auto-market">urged the White House to "ease up" on emissions rules to ensure China doesn't gain "a stronger foothold" in the US market. </a>Since KPMG's last survey's optimistic results, the industry has grappled with a variety of roadblocks. Requirements set forth in this <a href="https://www.businessinsider.com/climate-inflation-reduction-bill-electric-vehicle-startups-rivian-lucid-2022-8">summer's climate bill</a> make it harder to qualify for EV incentives. <a href="https://www.businessinsider.com/automakers-ford-gm-electric-vehicle-prices-battery-cost-rise-2022-12">Battery prices have risen</a> and <a href="https://www.businessinsider.com/cheap-electric-cars-delayed-ev-battery-prices-lithium-2022-12">electric vehicle prices continue to climb</a>, hitting an average cost of $65,041 in November, according to <a href="https://www.prnewswire.com/news-releases/as-luxury-share-grows-new-vehicle-prices-hit-record-high-in-november-according-to-latest-kelley-blue-book-average-transaction-price-data-301699828.html">Kelley Blue Book</a>. For comparison, a new gas-powered car cost about $48,681 that same month. KPMG said the results of its 23rd annual executive survey indicate that EV expectations are becoming more realistic, which could be driven by <a href="https://www.businessinsider.com/electric-vehicle-startups-trouble-insiders-reveal-layoffs-production-manufacturing-2022-8">production issues</a> and <a href="https://www.businessinsider.com/auto-companies-copy-tesla-succeed-electric-vehicles-batteries-2022-12">affordability</a> challenges. One industry-wide point of optimism centers on pricing. Some 82% of execs surveyed believe that in the next decade, EVs can be adopted widely without subsidies, indicating costs could go down.The survey results come two days after <a href="https://www.businessinsider.com/toyota-electric-cars-ceo-hybrids-plug-in-silent-majority-resistance-2022-12">Toyota's CEO came under fire</a> for comments that indicate he's not all that sold on EVs just yet. "That silent majority is wondering whether EVs are really OK to have as a single option," <a href="https://www.wsj.com/articles/toyota-president-says-silent-majority-has-doubts-about-pursuing-only-evs-11671372223?mod=hp_lista_pos2">Akia Toyoda said</a> according to <a href="https://www.wsj.com/articles/toyota-president-says-silent-majority-has-doubts-about-pursuing-only-evs-11671372223?mod=hp_lista_pos2">The Wall Street Journal</a>. "But they think it's the trend so they can't speak out loudly."The KPMG survey also reported that 76% of respondents said inflation and high-interest rates will impact their business in 2023. The industry is seeing some of that manifest through <a href="https://www.businessinsider.com/car-buying-tips-end-of-year-incentives-used-vehicles-loans-2022-12">end-of-year consumer's car-buying trends</a>.The industry has already committed $526 billion into electrification through 2026, <a href="https://www.alixpartners.com/media-center/press-releases/2022-alixpartners-global-automotive-outlook/">according to firm AlixPartners</a>. KPMG found the industry is generally feeling good about that spending and more, with 83% of auto executives confident the business will see profitable growth in the next five years — that's substantially up from 53% last year.

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