Volvo CEO: Many Americans ‘underestimated a big advantage of having EVs’
Volvo’s CEO says that the United States is the ideal place for electrification. He literally is saying EVs are not going to go down in demand. They’re actually going to go up in spite of Trump cancelling cancelling all the subsidies. And he’s saying that there’s a really good reason for this. And it’s very logical. When I first saw these headlines from the CEO, I thought, oh, what’s he going to say here? And what he says just makes complete sense. I’ve got to say Volvo CEO, he is a a pretty intelligent guy. Here’s here’s some of the transcript from the interview that he had recently with Automotive News. Hello my friends, welcome to the channel. I’m Sam Evans. Great to have you with us. Volvo CEO, right? He spoke to Automative News in Europe and Automotive News said said to him, right, Volvo is adjusting to the slowing battery electric vehicle market in the US by adding production of the XC60 plug-in hybrid in South Carolina? That should help. But does Volvo need to add new combustion cars in the US now that EV incentives have ended? He said this, right? You should be careful believing the market will go back to combustion cars. Why? Because people have underestimated a big advantage of having an all-electric car or a plug-in hybrid, which is you can leave the garage filled up every morning. Now, he’s not referring to these plug-in hybrids that have 50 km of range. He’s talking about proper ones. You very seldom need more range than that in a day, which means the driving experience is pretty similar to an electric car. the backup engine would really need to kick in. Now guys, I don’t personally support plug-in hybrids. I don’t think you need them. But anyway, then he goes on to say this also, I think electrification, as in fully electric cars, is a valid solution in the United States because a lot of people have the possibility to charge their homes. And I was thinking, you know what, it’s true. In the United States, not that many people live in apartments. You know, isn’t it amazing that EV sales now in China are at 60%. 60% in China and most people live in an apartment. We’re talking, you know, really 80% of the people who buy cars live in an apartment. And the US is the opposite to that. And that’s that’s what he’s saying here. He says, therefore, because they can charge at home, most people, not everyone, but most, I think in many respects, America is the ideal market for electrification. It’s true that EV sales have dropped because so many people purchase their cars before the incentive ended. However, when we are through that process, I think that people won’t just look for a combustion car, they will look for longrange FEVs and EVs. That’s something I’m sure will happen. What do you guys think about this? Do do you do you agree with these arguments or these points that he’s making? Curious. Let me know in the in the comment section. Is this going to be like Germany? I mean, what did we see happen in Germany? The incentives were cancelled. This was about 2 years ago completely. So, it was €4 to5,000. It was a lot of money. They were cancelled and EV sales went down significantly. Kind of like what’s happened in the US very similar. However, over the last 2 years, EV sales have climbed pretty pretty steadily climbed. And now, they’re actually just hit their record high when the EV subsidies were in place. So in December, I believe this is December of 2022, that was when EV subsidies ended. December December of 2023, that was when EV subsidies ended in Germany. And what happened in Germany was in December, people rushed out to buy EVs. Exactly the same as what happened in September this year in the US. Then come January in Germany, of course, the big hangover happened and EV sales went down drastically. But since then, interestingly, right, over the past two years, EV sales have just continued to go up up up up in Germany. And this is without any subsidies at all, nothing to the point where now EV sales are actually equal to that record high December, which was an unusual month because it brought forward a lot of demand. Meaning really, in theory, EV sales are higher now in Europe, in Germany than they’ve ever been before. So they’re they’re now at 22%. That’s fully electric cars. 22% in Germany. And there’s no reason for those numbers to be artificially inflated. There’s no subsidies, but there’s about to be. Germany has just committed to $5 billion of EV incentives. So, we’re already at 22% without them. Germany could be hitting 50% within a couple of years time with those kind of incentives. And with the development of all these new models, longer range, you know, these really long range EVs, much faster charging, lots more charging stations. I think it’s going to go ballistic very soon. So maybe the US is about two years behind Germany and maybe that’s what we’re going to see in the United States because it’s true. I mean Volo CEO is right. Uh the US most people live in houses. Most people do. Most people don’t drive 500 miles a day. You can drive five by the way. You can drive five 100 miles a day in an EV if you want to in most in almost all of the United States in an EV. It’s not a problem. I’ve done it. I’ve done it in the US. I’ve actually done it in the US. I’ve done it in California. I know you can do it in other states in the US. I know you can do it in Australia. Um, a lot of people think you can’t, but you can. And we’re going to see this increase. At the same time, EV prices will continue to come down. Internal combustion cars will not get cheaper. Internal combustion engines will continue to be recalled at the historic levels they’re being recalled at where people are just seeing the literally the quality of their cars sucks. It does. It sucks. the the engines are terrible because because of the emissions restrictions on them and these new modern engines are terrible that they just keep breaking. Look, we have more than nearly 6 million recalls for EV for internal combustion engines this year in the US. So, a lot of people are going to say, “Well, why am I doing this when I can just wake up in the morning, my car’s fully charged, it’s ready to go, it’s charged from solar, it’s free, it’s saved me money, and now EVs are, you know, 2 years from now in the US, EVs are on par with internal combustion, maybe sometimes even cheaper. Battery prices will continue to fall. We’re going to have massive amounts of batteries coming from Ford, General Motors, Tesla, Volkswagen Group. They have their GOAN high-tech battery company. They’re all building lithium phosphate batteries. That’s going to bring the price of EVs down and that will be a kind of like a virtuous cycle. Is this the case? Well, do you guys agree? Do you think the US might be two years behind Germany? If that’s the case, we can say from now, maybe in two years, the US car market EV share could hit 20%. I think it will. I’m I’m I’m confident a lot of Americans are smart enough, intelligent enough to know that this is the best financial strategy for them. It’s stressfree to live this way. It’s so good, guys, isn’t it? It’s so good to have an EV and just charge it from the from the sun, drive past gas stations every day, and know that you’re not having to pay all that money. Thanks for watching. [Music]
Volvo CEO: Many Americans ‘underestimated a big advantage of having EVs’
Volvo’s CEO says many Americans still underestimate one of the biggest advantages of owning an EV: the convenience of charging at home and skipping gas stations entirely. He argues that once drivers experience daily at-home charging, the shift to electric mobility feels natural and dramatically improves ownership comfort. The statement comes as Volvo pushes deeper into a fully electric future.
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