Auto Executives Losing Confidence in EV Profitability Amid ‘Sobering’ Demand: KPMG Report

Published on January 10, 2024

Confidence in electric vehicles among automakers in the United States and other countries dipped as many are worried that their large bets on electric vehicles may take longer to pay off, said a KPMG survey of 1,000 auto executives from 30 nations. Expectations for profitable growth in the automotive industry over the next five years weakened in Japan, Western Europe, and the United States, according to the survey results published on Jan. 4. While executives saying they were “extremely confident” about profitability dropped from 48 to 43 percent between 2022 and 2023 in the United States, it fell seven percentage points in Western Europe and a massive 22 points in Japan. This change in sentiment is “remarkable,” KPMG noted....

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