By Gary S. Vasilash

“While technologically advanced, the extent that BEVs can contribute to GDP growth is limited by the maturity of the motor vehicle industry, with passenger car sales having peaked in 2017. This is a restraining factor as BEVs do not represent an innovation that creates new demand, like the introduction of personal computers or cell phones. Instead, they’re a new version of a familiar product whose sales may not grow much beyond current levels.”—Thomas Klitgaard, Federal Reserve Bank of New York

In other words, electric vehicles are not a disruptive tech that is going to bring in new buyers who otherwise wouldn’t buy an SUV, car or truck.

So even if we get to 100% EV buyers (not likely anytime soon), this is simply replacement, not buyers who would otherwise not buy a means of transportation.

Which is not what vehicle manufacturers want to think about.