"The move to new-energy vehicles is massively important, but you can't just regulate for it; it has to work for consumers. This is something the industry has completely missed."
"The pace of change is different in every market, and manufacturers have learned that a multiple drivetrain approach is necessary, including EVs, hybrids, and hydrogen vehicles."
"Chinese brands have really moved out of the world's biggest automotive market and are entering all markets around the world, creating more competition."
"Everyone starts their journey online now. Automakers have to master technology to meet consumers where they are, especially with platforms like Google and ChatGPT."
The automotive industry is undergoing significant transformation driven by the shift to new-energy vehicles, which must be consumer-led rather than regulatory-driven. The industry contributes 15% of global greenhouse gas emissions, making this transition crucial. Manufacturers are adopting a multiple drivetrain approach, including hybrids and hydrogen vehicles. Additionally, Chinese brands are expanding globally, increasing competition. Consumer purchasing behavior is also changing, with online platforms becoming the primary starting point for vehicle searches, necessitating automakers to adapt to new technologies to engage consumers effectively.
Read at Fortune
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