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EV market to enter mass adoption phase panellists tell Benchmark Week 2024","us-ev-market-to-enter-mass-adoption-phase-panellists-tell-benchmark-week-2024","article/us-ev-market-to-enter-mass-adoption-phase-panellists-tell-benchmark-week-2024",{"_uid":557,"date":558,"tags":559,"editor":566,"content":576,"excerpt":663,"featured":51,"reporter":664,"_editable":668,"component":669,"seo_title":553,"categories":670,"visibility":677,"author_company":49,"featured_image":678,"seo_description":663,"author_full_name":49,"author_job_title":49,"formattedDate":683,"formattedArticleDate":684},"0692a781-1365-4642-9508-5264f49270ea","2024-11-13 00:00",[560,563],{"slug":561,"name":562},"benchmark-week-2024","Benchmark Week 2024",{"slug":564,"name":565},"usa","USA",[567],{"slug":568,"name":569,"content":570},"matthew-bird","Matthew Bird",{"job_title":571,"image":572,"bio":574,"linkedin":575},"Senior Editor - Supply Chains & Data Visualisation",{"filename":573},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":577,"content":578},"doc",[579,586,591,596,601,606,613,618,633,638,643,648,653,658],{"type":580,"attrs":581,"content":582},"paragraph",{"textAlign":49},[583],{"text":584,"type":585},"The US electric vehicle (EV) market is entering a mass adoption phase, according to panellists at Benchmark Week 2024 in Los Angeles, in which infrastructure, policy, and affordability challenges will determine the industry’s trajectory over the coming years.","text",{"type":580,"attrs":587,"content":588},{"textAlign":49},[589],{"text":590,"type":585},"“The thrust of electrification is relentless,” said Stephen Kosowski, Manager, Long Range Strategy & Planning at Kia North America (KNA), underscoring the industry’s long term prospects. “The upside potential for EVs in the US is much higher than where we are right now.”",{"type":580,"attrs":592,"content":593},{"textAlign":49},[594],{"text":595,"type":585},"Despite steady growth over recent years, US EV sales have disappointed market expectations in 2024 due to headwinds related to high interest rates and inflationary pressures. Electrification has weighed heavily on the profitability of the US automotive industry this year, leading automakers to scrap or delay EV sales targets to protect their balance sheets.",{"type":580,"attrs":597,"content":598},{"textAlign":49},[599],{"text":600,"type":585},"“We have seen a difference this year, as turbulence has come into the market,” said William Roberts, automotive research lead at Rho Motion. “Growth has come right down to below 10% and a much lower number of units has been added to the market too.”",{"type":580,"attrs":602,"content":603},{"textAlign":49},[604],{"text":605,"type":585},"Aside from affordability, panellists identified consumer demand for long-range vehicles, alongside the need for more widespread and reliable fast-charging infrastructure, as bottlenecks hindering future EV adoption in the US. ",{"type":607,"attrs":608,"content":610},"heading",{"level":609,"textAlign":49},4,[611],{"text":612,"type":585},"Consumers to benefit from a “tsunami” of EV models",{"type":580,"attrs":614,"content":615},{"textAlign":49},[616],{"text":617,"type":585},"Until now, EV penetration rates in the US have been constrained by high ticket prices compared to internal combustion engine (ICE) peers, limiting the broader mass market appeal of electric models. ",{"type":580,"attrs":619,"content":620},{"textAlign":49},[621,623,631],{"text":622,"type":585},"But this price gap is set to narrow next year, as ",{"text":624,"type":585,"marks":625},"battery cell prices fall to record lows",[626],{"type":627,"attrs":628},"link",{"href":629,"uuid":49,"anchor":49,"target":49,"linktype":630},"https://www.benchmarkminerals.com/","url",{"text":632,"type":585}," and a wave of new models enters the market – creating a more competitive price landscape that will benefit consumers.",{"type":580,"attrs":634,"content":635},{"textAlign":49},[636],{"text":637,"type":585},"“Next year the industry will start to see organic demand,” said Mike Maten, Director, EV Policy and Regulatory Affairs for General Motors. “Until now consumer options have been limited, but with more products we’ll start to see real demand.”",{"type":580,"attrs":639,"content":640},{"textAlign":49},[641],{"text":642,"type":585},"These sentiments were echoed by Hunter Patten, Global Head of Automotive Investment Banking at Wells Fargo.",{"type":580,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":585},"“The number of EVs introduced to the market will make it a great time to be a consumer,” Patten said. “The pricing side will be competitive and I think it will result in a thinning of the field.”",{"type":580,"attrs":649,"content":650},{"textAlign":49},[651],{"text":652,"type":585},"Panellists agreed that the next generation of models entering the market from 2025 would boost competition and likely result in some consolidation from automakers in the coming years.",{"type":580,"attrs":654,"content":655},{"textAlign":49},[656],{"text":657,"type":585},"“There is a product tsunami in the pipeline,” Kosowski said. “Some will have to be cut, no doubt. But the cars are coming.”",{"type":580,"attrs":659,"content":660},{"textAlign":49},[661],{"text":662,"type":585},"On the global front, BYD’s Chloe Ke underscored that while the US market faces adoption barriers, the Chinese EV market has seen rapid expansion to reach above 50% of total vehicle sales. The Chinese EV maker is benefitting from growth in export markets, planning new production facilities in Brazil, Turkey, Hungary, and Mexico.","The US electric vehicle (EV) market is entering a mass adoption phase, according to panellists at Benchmark Week 2024 in Los Angeles, in which infrastructure, policy, and affordability challenges will determine the industry’s trajectory over the coming years. “The thrust of electrification is relentless,” said Stephen Kosowski, Manager, Long Range Strategy & Planning at Kia North […]",[665],{"slug":568,"name":569,"content":666},{"job_title":571,"image":667,"bio":574,"linkedin":575},{"filename":573},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0692a781-1365-4642-9508-5264f49270ea\", \"id\": \"\"}-->","article",[671,674],{"slug":672,"name":673},"batteries","Batteries",{"slug":675,"name":676},"ev","EV","private",{"id":49,"alt":679,"name":679,"focus":679,"title":679,"source":679,"filename":680,"copyright":679,"fieldtype":681,"meta_data":682,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/927e940364/bm-week-24-ev-dynamics.jpg","asset",{"alt":679,"title":679,"source":679,"copyright":679},"Nov 13, 2024","13th November 2024",[],[],1792773894307]