Electric vehicles are not as popular without subsidies.

0:00 Speaker 1 What is today Sunday morning is Gabe down and he is the managing director for senior analysts from covering sustainability and energy transition. What does that mean? Well, I guess it means electric cause is the transition going to happen or is it stilled? The Gabe? What do you say?

0:22 Speaker 2 Thanks, Sean, good to be back. Yeah. Look, I think the transition is happening, but at a much slower rate than people expected coming into twenty twenty four. The US has experienced a pretty significant growth rate in EB sales between twenty twenty and twenty twenty three, but now that’s slow to about ten percent through July. So still but

0:47 certainly not at the fifty percent rate that we saw on average between twenty twenty and twenty three. So market is slowing. I think there’s a number of reasons why.

0:57 Speaker 1 Still certain certain companies brandoning the market.

1:04 Speaker 2 So it’s a good question. Obviously. Still Tesla is dominating, and they held their Robotaxi event earlier this month, which most believes underwhelmed a bit, was pretty light on some details and did not deliver some more specific details around a lower priced EV which I think would help the market overall, But you know, GM and Ford are still

1:30 moving forward with their electrification goals, albeit they have pulled back on some spending and have pushed out some EV models to twenty twenty six and beyond because the market demands it’s not there right now. Consumers are going back to hybrids versus full battery electric and the car companies have responded, and they’ve responded their vehicle fleet to what

1:55 the market wants, and that’s hybrids right now.

1:57 Speaker 1 Understood, what else we would you like to tell the people?

2:02 Speaker 2 Look, I think evs are probably not the most practical car for most, but they could be practical as like a second car. And I think hybrids are a good way to get people accustomed to battery electric vehicles and charging a vehicle in the public, which is also part of the problem, the lack of charging and the lack

2:24 of reliable charging. But yeah, I think the transition will continue to happen, but I think it’ll be slow and we’ll just have to see how the market on folds from here.

2:35 Speaker 1 Understood, Well, Michael gamed out, Thank you so much and thank you for the update for all the American people, and we’ll catch up again real soon.

2:45 Speaker 2 That’s good. Thanks John,