BMW CEO Oliver Gipsey said there is still a market for combustion engine cars and that manufacturers should not focus solely on EV technology.
BMW chief executive Oliver Gipps said companies should be careful not to rely on select countries only by focusing on electric vehicles, adding that there was still a market for combustion engine cars.
“When you look at the technology that drives EVs, we have to be careful because, at the same time, you increase dependence on very few countries,” Gippes told a roundtable in New York. The batteries were mostly controlled by China.
Gipsy said, “If someone can’t buy an EV for some reason but needs a car, would you propose that they continue to drive their old car forever? If you’re not selling combustion engines anymore So someone else will.”
He has advocated a complete ban on combustion engine car sales due to increasing pressure from regulators on the auto industry to curb carbon emissions and the environmental impact.
Gippes argued that offering more fuel-efficient combustion engine cars was important both from a profit perspective and from an environmental perspective, pointing to gaps in charging infrastructure and the higher price tag of electric vehicles.
They also need to plan for energy prices and raw materials to remain high in order for companies to be more efficient in their production and step up recycling efforts to keep costs down, he said.
“We have a peak now, they may not peak, but they will not go back to prior prices,” he said. “How much energy you need and use, and circularity, is important – for environmental reasons but even more so for economic reasons.”
(Reporting by Doyinsola Oladipo; Writing by Victoria Waldersee; Editing by Christoph Steitz and Mike Harrison)
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