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Automakers to Accelerate EV Race, But KPMG Finds Lag in Demand

In a heated race to the top of technological innovation, automakers have already pumped significant investments into electric propulsion technology, and an overwhelming majority of global auto executives believe car companies will only ramp up these investments in the next two years as the competition intensifies.

But in a market where the infrastructure has for so long been a gas-powered engine, will the electrified vehicle actually gain a major foothold?

Interestingly enough, the execs participating in 13th annual global automotive survey from KPMG believe the demand for these vehicles will continue to run only at “modest” levels.

In fact, 65 percent of the 200 C-level global auto execs surveyed said they don’t believe electrified vehicles (i.e. electric vehicles of any kind, including everything from full hybrids to FCEVs) will command more than a 15-percent share of worldwide car sales within the next 13 years.

What’s more, U.S. and Western Europe auto executives believe these models will only command a worldwide sales share between 6 percent and 10 percent.

“Electric vehicles are still in their infancy, and while we’ve seen some recent model introductions, consumer demand has so far been modest,” stated KPMG national automotive industry leader Gary Silberg.

“While we can expect no more than modest demand in the foreseeable future, we can also expect OEMs to intensify investment, fully appreciating what is at stake in a very competitive industry,” he added.

In other words, demand might not yet be there, but you can still expect the investment floodgates to open.

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