A Look At Peak ICE By The Numbers
In the years leading up to the COVID lockdowns, the number of ICE vehicles sold globaly was over 95 million. In 2022, that number dropped to 77 million.
In this video I discuss how we are not going to see 90M+ ICE ever again. Actually, we might not see 80M if that number is not hit in 2023. ICE is on the decline.
▶️ 3Speak
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Summary:
In this video, the speaker discusses the decline of internal combustion engine (ICE) vehicles and the rise of electric vehicles (EVs). He mentions that the peak ICE vehicle sales have passed, with global numbers dropping significantly due to various factors, including economic headwinds and the slow adaptation of legacy automakers to produce EVs. The speaker predicts a continuous decline in ICE vehicle sales as EV production ramps up, especially with companies like Tesla leading the market. He emphasizes that the future of the automotive industry lies with EVs, particularly Tesla and Chinese manufacturers, while legacy auto companies are struggling to compete in the EV market.
Detailed Article:
In the video, the speaker, Taskmaster 4450, delves into the current state of the automotive industry, highlighting a notable shift from internal combustion engine (ICE) vehicles to electric vehicles (EVs). He points out that the peak of ICE vehicle sales has already passed, with global numbers experiencing a significant decline from nearly 100 million units to 77 million units in 2022. The impact of the COVID-19 pandemic and subsequent lockdowns exacerbated this decline, revealing a 20% drop in vehicle sales compared to pre-pandemic levels.
Taskmaster identifies several factors contributing to the decline in ICE vehicles and the rise of EVs. He mentions global economic challenges as one factor but emphasizes that the key driver is the industry's slow response to the increasing demand for EVs. Legacy automakers, in particular, have struggled to transition to EV production, leading to a situation where prices remain high due to intentional low production levels.
Discussing the shift towards EVs, Taskmaster underscores the significant growth in plug-in electric vehicles (PEVs) and battery electric vehicles (BEVs). He notes that in 2022, out of the 77 million vehicles sold globally, 10 million were EVs, with Chinese manufacturers like Tesla and BYD leading in demand. Taskmaster criticizes legacy automakers for producing electrified versions of cars without the necessary software expertise, which results in inferior EVs compared to their ICE counterparts.
The speaker predicts a continued decline in ICE vehicle sales as EV production increases, particularly citing Tesla's upcoming $25,000 vehicle as a potential game-changer in the market. Taskmaster envisions a landscape where Tesla and Chinese manufacturers dominate the industry, leaving legacy automakers struggling to compete. He concludes by suggesting that by 2026, most legacy companies may face significant challenges or possibly go out of business if they fail to adapt to the EV transition.
In essence, Taskmaster's analysis paints a picture of an industry at a crossroads, where the emergence of EVs is reshaping the market landscape and challenging traditional ICE vehicle manufacturers to innovate or risk becoming obsolete.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.