The Clap
Amid persisting supply chain problems and tough economic conditions, global automakers expect consumers’ adoption of EVs to wind down in 2023.
What
According to a survey conducted by KPMG, around 76% of auto executives (out of more than 900) feel that inflation and high interest rates will negatively impact their business in the coming year.
The median expectations for EV sales in the US are 35% of all new vehicle sales, down from 65% the year before.
So What
The survey shows that auto executives are growing more pessimistic about their performance in the coming year due to stricter requirements for federal incentives for EVs, rising component costs, and higher car prices.
Now What
Tesla (NASDAQ:TSLA) is expected to remain the leader in the EV industry, but with a smaller gap between competitors.
