Global buyers driven back to ICE vehicles as EV enthusiasm cools says EY research
There’s some articles getting around saying that EY, one of the biggest global consulting firms in the world, has been paid by fossil fuel companies and Toyota. No, I’m kidding. I They weren’t paid. I’m sure that they weren’t paid to do this. I’m sure 100% certain that they weren’t paid by anyone to come up with this information, which to be honest appears completely bogus. However, they claim they interviewed 20,000 people or surveyed 20,000 people. None of these people were bots, by the way. None of them. And asked them about their preferences for buying electric cars next year. And apparently, people say they’re not going to buy EVs next year. They’re going to sell their EVs, dump them, and they’re going to buy gasoline and diesel powered cars. And even people who bought hybrids that they’re also going to sell their hybrids because they suck. And they’re going to buy diesel and gasoline powered cars. Now, I sound like I’m being ridiculous, but honestly, that’s what EY are claiming. And this media reporter is being kind of picked out and used by the media to say, “Look, we told you no one wants CVs. No one wants them. We told you.” Hello, my friends. Welcome to the channel. I’m Sam Evans. You’re watching the Electric Viking. And I’m going to share with you this information. And then, well, I’m interested to know what you guys think about it. car expert who are pretty famous in Australia for their intentional criticism of electric cars and um trying to decrease the sale of EVs in Australia. They say that buyers globally are returning to petrol and diesel cars as demand for electric vehicles softens. So is this based on facts this year? Well, no, because electric car sales will represent around 25% of all car sales worldwide this year, and they have done so for the first 11 months of the year, and that’s not about to change anytime soon. That means EV sales are actually up nearly 22% worldwide this year. They’re up 48%. 48%. If you exclude North America, China, and Europe, EV sales are up 48%. China, they’re up significantly in, it’s about 20 something%. US, they’re down 1%. The only place in the world where EV sales have declined this year versus last year that I’m aware of is the United States down by 1%. But EY says globally, not just in America, people are done with electric cars. Research conducted by the professional services firm Ernston Young, and to be honest, they did this last year, and they claim similar things last year, has found that in the next 2 years, 50% of all car buyers will purchase a new or used vehicle with an internal combustion engine, an increase of 13% in just a year. In the Asia-Pacific region, that figure increased by 10%. So, interestingly, in the Asia-Pacific region, EV sales have skyrocketed this year, but according to EY, Ernston Young, uh, next year people are not interested. They’re going to dump their EVs in Southeast Asia and Asia Pacific region, and they’re going to start buying gasoline powered cars. Meanwhile, the global appetite for EVs is just 14%. A drop of 10% over the same period, with those seeking a hybrid car accounting for just 14% of all buyers. So, people who want a hybrid, their sales are going down as well by 5%. Basically, they’re saying that next year, uh, EVs, plug-in hybrids, they are absolutely doomed. People don’t want them. That’s what EY says. 20,000 people all around the world, they say, have confirmed this is a fact. Yeah. I mean, it’s funny, isn’t it? Consumers are weighing the realities of policy shifts, cost pressures, and uneven charging infrastructure, said Constantine Gaul, a leader within Ian Wise’s global aerospace, defense, and mobility team. And I’m sure he has no reason to say this stuff. None. I’m sure there’s no funding from anyone of any way that could be um potentially swaying the results of his or of this survey and of his um statements. The long-term trend appears to be a strong shift away from electric cars towards a more diversified future for vehicle powertrains with different vehicle technologies serving different customer needs. Does that sound like Toyota to you? I reckon that’s written by someone from Toyota. Mr. Gaul said globally senior legislators were also influencing the direction of markets due to evolving emissions targets and financial incentive programs. We are seeing a more pragmatic, a less ideological policy discussion. Policy makers are returning to a fact-based approach. Sounds like Donald Trump here. Allowing the market to do what it does best. Identify the right solutions for different customers. I actually think Trump and the and Toyota got together and their PR departments wrote this for him. I mean, it’s so it’s so obviously from them. I don’t know if this is true, but yeah. The research claims that range anxiety, a lack of charging infrastructure, massive battery replacement costs, it says that 37% of buyers are very concerned about the cost to replace their battery, even though the batteries um all have a minimum of 200,000 km warranties these days are the major barriers against buyers wanting to get an electric car. Interesting, isn’t it? According to the report, those buying internal combustion cars are more comfortable with purchasing a new car via online digital platforms, while the majority of EV buyers still prefer to purchase from dealerships due to the need for personal education on features and technology. Guys, I’ve bought three cars in the last couple of years, EVs. My experience has not been that the dealerships are going to spend hours with you discussing the technology. My experience in fact is I think the setup of buying online is great. And guess what? Buying online does not mean you can’t pick your car up from a dealership. Hundreds of thousands of people buy online and then pick their car up from a dealership. Buying online doesn’t exclude being able to pick it up from a dealership. So car expert just so you Ben Zachariah Ben just just to give you a tip here buddy. uh Zika Tesla uh many different cars models now you can buy them online and it doesn’t mean you don’t pick a car up from the dealership and you can’t ask them any questions when you’re there. There you go. Benny boy guys any I actually found this report from EY and in the report they mention nothing about the number of people that they surveyed and where those people were. The only way I could actually find that information out is by looking at 2024. Interestingly, for 2025, they they don’t have any information there about where this came from, where these people were surveyed, where these 20,000 people came from. But this is what they said. 50% of global car buyers intend to purchase a purely internal combustion engine vehicle in the next 24 months, an increase of 13 points from 2024. So, according to this survey, there is going to be an enormous surge of buyers wanting to buy purely internal combustion engine cars in the next 24 months. I don’t buy that. I mean, why would you do that? It doesn’t make sense. Even if you’re not an electric car fan, it really doesn’t add up that you wouldn’t at least want to save some money by at minimum getting a hybrid. I’m not saying you should. I think you’re much better off getting an EV, but surely that’s the absolute worst case scenario. They say right in the report as well that EV preference has fallen to 14%. 14%. Now, if this were true, you would think that around 14% of all cars sold worldwide next year would be electric. And that would mean EV sales would more would nearly have next year. Nearly half. I don’t know how anyone can read this stuff with a straight face to be honest. They also say that um a lot of people who own EVs are going to go back to internal combustion. Um I personally think that EV satisfaction is extremely high from the people I’ve spoken to, from the data sheets I’ve seen. I honestly genuinely think this report has an intentional skew towards internal combustion and there’s got to be a reason for that. Now, of course, consumer intent surveys are not market predictors. EY mobility consumer index measures stated intent, attitudes, and concerns, but it doesn’t measure real things like actual purchases, fleet buying, corporate electrification, government mandates, price driven substitution in emerging markets, and therefore it’s completely unsuitable as a sales trend predictor. It’s never actually gotten anything right before that I know of anyway. Now, the return to internal combustion claim clearly contradicts observable behavior. If consumers truly were returning to ICE globally, we would see falling EV registrations, rising internal combustion engine market share, slowing battery production, and OEMs cancelling EV platforms. Now, yeah, Ford did just cancel some of their EVs, but the truth is statistically EV shares are still rising worldwide significantly. I mean, a 22% increase this year is a big increase worldwide. Battery capacity continues to expand, and China is exporting record numbers of electric cars, whilst emerging markets are skipping straight to electrification, especially for two wheelers, buses, and lowcost affordable EVs. That makes a global internal combustion engine rebound narrative empirically false. Guys, if you want to install solar panels, a home battery, or a home charger, the best way to do this for your situation is to go to the links in the description below, and they’ll take you to a page where you can compare everyone. So, depending on where you, it doesn’t matter where you live. A lot of people email me all the time saying, “What solar system should I get? Who should I go with? What battery should I get? What electric charger should I get?” Well, click in the links in the description and you can actually compare all the different choices and find the best deal for you. I’ll put that link in the description below. Additionally, there is a battery savings calculator link and also a federal battery rebate calculator. I personally have found that I’m not paying for electricity at all. And that’s including charging my two electric cars and also running my home power, my home sauna. Um, nothing. Not paying anything at all. And I think a lot of people are getting misled. They think that getting a battery is not worth it. Actually, I think it is worth it. So, those links are in the description below.
Global buyers driven back to ICE vehicles as EV enthusiasm cools says EY research
EY’s latest research shows global consumers are increasingly turning back to ICE vehicles as EV enthusiasm cools, driven by concerns over high upfront costs, charging infrastructure gaps, and uncertain resale values. While interest in electrification remains, buyers are becoming more cautious and pragmatic, slowing the pace of the EV transition worldwide.
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👇Reference to the news/charts & videos used in this video:
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