BEV Surge Could Benefit Overall Vehicle Sales
Expert says a move away from ICE models could lift BEV and ICE markets for a time.
An industry boost from BEV production and sales could start in mid-2024 and stretch through 2027.
IMAGE: Getty Images/koya79
At least one automotive industry expert says a ramp-up in battery-electric vehicle production could boost sales of both BEVs and vehicles with internal combustion engines (ICE).
WardsAuto reported that market prediction from a webinar hosted by LMC Automotive, whose President-Americas Operations and Global Vehicle Forecasts Jeff Schuster said that a BEV shot could be injected into the greater industry’s arm from the bandwagon of electrified vehicle production and sales.
WardsAuto said Schuster predicted that two market forces could result from BEV sales increases.
“One is consumers turning in their vehicle sooner than they would have otherwise, to move into an electrified vehicle,” he said in the webinar. “The other side of that could be a consumer that sees their internal-combustion vehicle choice is no longer going to be in production. So, they want to rush out and get that vehicle, that newer version, before the vehicle goes away.”
Schuster projected that such a boost could start in mid-2024 and stretch through 2027, a period that LMC expects annual global light-vehicle production to rise from 90.9 million units to 100.3 million, WardsAuto reported.
READ MORE: Automakers Drive Up Spending on EV and Battery Development
Originally posted on Auto Dealer Today
More Industry
Autos More Appealing
Consumers gave new cars better scores again this year for design, performance and more as mass-market brands kept gaining on premium lineups, JD Power found in an annual poll.
Read More →
Used EVs Defy Overall Market
While the used-car market saw three months of price declines or stagnation, the used EV segment did the opposite – rising for three straight months.
Read More →
Gone to the Dogs
A Stellantis brand decided to have some fun with one of its SUVs’ design to address growing emphasis on family pets.
Read More →
OEM Poll Sees Industry Evolution
Kerrigan Advisors’ survey of automakers finds that tariffs, technology, network tightening and other factors are poised to reshape auto retail.
Read More →
Luxe N.C. Dealerships Change Hands
A collection of Italian and English brand franchises were handed off to the owner’s friend in the business and include the Carolinas’ only Ferrari retail stores.
Read More →
Exposure Drives Interest in Chinese Cars
At a recent demonstration, consumers had the chance to ride in a Chinese-branded vehicle, a firsthand experience that improved their perceptions and purchase intent.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Agent Advocate
Rob Mancuso, who comes from a long line of auto dealers, values general agents’ place in the industry and makes a case for them taking an even bigger seat at the table.
Read More →
Driving Under Distraction
Though consumers gave higher marks to new vehicles in JD Power’s most recent initial-quality poll, high-tech interference worsened, pointing to craving for simplicity.
Read More →
Affordable New Cars a Thing of the Past
More than one out of five new vehicles sell for more than $60,000, according to Edmunds. That's up 7% compared to prepandemic 2019.
Read More →