But a challenge to that trend continuing is the ongoing trade war between the U.S. and China, contends the head of an Israeli company that develops and produces components for EV batteries.co-founder and CEO, Dr. Moshiel Biton, is China's dominance in EV battery and component production—a condition that could raise the costs of manufacturing EVs.... [+]“I think there is no secret that China today controls battery manufacturing in the world,” said Biton in an interview.
With that kind of control, plus high-quality of materials and components, Biton contends China has an unfair advantage with the ability to demand higher prices.“I think, for instance, the U.S, with all the IRA programs, it's becoming I would say, very attractive to produce and manufacture in the U.S. I even will be more aggressive and say it's a crime for manufacturers not to produce in the U.S. today because it's very attractive.
Sure, companies like Tesla and Rivian have seen the value of their shares sink, but Defiance ETFs CEO and CIO Sylvia Jablonski says that's not indicative of where the overall EV market is headed globally.“You have like 10 million sold in 2022 by the end of this year, 80% of all vehicles sold could be EVs. You know, in the story of like, just globally in China, more than half of vehicle sold or EVs. Already in the Nordics, it's like 90% By 2040 the IEA basically expects $1.
For that reason, executives at one auto industry supplier surmise many consumers won't go all the way right away in trading petrol for pure electric power.... [+]“We have been, and are still very involved in the strong hybrid vehicles which we think can be a big, big part of that transition to full electric,” said John Nunneley, senior vice president, design engineering and IT atTim Clark, CEO and President, Hitachi Astemo Americas Inc. at a media briefing on Aug. 7, 2023.
“Transition maybe will not be as accelerated as fast as people anticipated, maybe will be a bit slower, but eventually,” declared Biton, “we will see a full adoption.”