2024 EV and Auto Industry Predictions! - Part 2

Grid Connections

Part 2 of our panel with Grid Connections guests from 2023 including: John McElroy (President of Autoline), Loren McDonald (Founder of EVAdoption) and Matt Teske (Founder of Chargeway).

Summary

In the second part of this panel we continue our discussion around the big events in 2023 with the automotive space and positioning of Electric Vehicles (EVs). Key topics include - How Chinese EVs are disrupting the global auto market, the importance of designing cars as user defined vehicles, the many challenges legacy automakers are facing around rolling out EVs, whether a software recall should be called a recall, the challenges brands are having in communicating the value of EVs and then wrap up with our predictions for what we may see in 2024!

Key Takeaways

1. Chinese EVs: Increasingly influential in shaping the global automotive market, setting new benchmarks in technology and design.
2. User Defined Vehicles: Software plays a profound role in consumer buying preferences, allowing for user-defined vehicles that can be customized to individual needs and tastes.
3. Challenges for Legacy Automakers: Integrating advanced software into their EV designs, requiring a shift in engineering and corporate culture.
4. Software Recalls: A new term may be needed for when a 'recall' is needed but can be solved with a software update.
5. Clear Communication around EVs: Effective communication is crucial in educating consumers about the value of EVs and preventing confusion.
6. Predictions for 2024:
   1. The $7,500 tax credit now being available to car buyers at the point of sale may only have a marginal impact on EV sales due to overall auto sales and how few EVs now qualify for the full amount.
   2. Leasing options will still be attractive to consumers who want to buy an EV and want to get the $7500 credit for an EV that normally wouldn't qualify.
   3. With all auto sales slowing down and now that supply chains have caught up, we should expect to energy density in batteries increase as one way for EVs on the market to be more competitive.
   4. Since automakers won't offer the North American Charging Standard (NACS) on their vehicles as standard until 2025, needing to use an adapted at superchargers for non-Teslas may also keep car buyers interested in EVs on the sidelines.
   5. Plug-in hybrids will see a resurgence in sales as automakers who struggled with full EVs cater to different market segments and price points.
   6. The charging infrastructure industry is likely to experience a shakeout and consolidation in 2024.

Haven't Seen Part 1? -
Watch the full episode on Youtube

Prefer Audio? Listen to part 1 on Apple Podcasts or on Spotify Podcasts

Watch previous episodes of the podcast featuring members from this panel on Youtube:
Episode 22: Matt Teske of Chargeway

Episode 14: Loren McDonald of EVAdoption

Episode 13: John McElroy of Autoline

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