Neil Winton has covered the European Auto industry in general and electric cars in particular for Forbes for 11 years. He is based in the U.K. and publishes WintonsWorld.com. Winton was a reporter and editor at Reuters for 33 years. His Reuters assignments included New York and Brussels.
The move to electric vehicles has reached a plateau and is helping to turn a problem in the industry into a crisis. The European industry is being undermined by a weak economy as sales overall weaken. The market isn’t being helped by the curb on high-profit margin internal combustion engine vehicles by EU laws designed to boost EV sales. A sales onslaught from China isn’t helping Europeans.
"What is clear is that electrification is a technology chosen by politicians, not by industry," he said in a joint interview with newspapers Les Echos, Handelsblatt, Corriere della Sera and El Mundo, adding there were cheaper and faster ways of reducing carbon emissions. Pressure is mounting to abandon this unworkable directive and replace it with a mandate to find the best way to curb CO2 emissions, be it hybrid, plug-in hybrid, fuel cell, improved ICE, or EV.
“While we believe mass EV adoption remains a long-term ambition for both the global auto industry and policy-makers, we think a more fractured macro environment and rapidly evolving EV tech require a more decisive role for multilateral collaboration,” according to Morgan Stanley.Morgan Stanley cut its global forecast for EV market share between 2024 and 2026 by three percentage points to 17%, with the key weakness in developed markets.
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