Although sales of EVs tripled last year in the US, automakers have doubts regarding the future of EV sales.
According to a survey made by the US audit, tax and advisory company KPMG, auto executives believe that EVs will not account for more than 15% of all global new-vehicle sales for at least 12 more years and automakers will focus and invest more to improve the internal combustion engine.
“The combustion engine today is still a very viable alternative,” said Betsy Meter, local automotive leader from KPMG’s Detroit office.
In November, KPMG surveyed 200 C-class global automotive executives, among which 22 from North America. Almost one quarter of those surveyed said they will make the biggest investments in improving and downsizing internal combustion engines in the following five years. Ford is a clear example of this plan, with its EcoBoost engine lineup.
“When you look at current MPG estimates for new cars, it’s very evident that automakers are continuing to significantly improve engine efficiency,” said Gary Silberg, National Automotive Industry leader for KPMG. “What’s clear is that the internal combustion engine is not going anywhere soon.”
Almost 64% of those surveyed said they will boost investments in new plants in the following 5 years, while 55% said they plan to increase investments.