BEV Surge Could Benefit Overall Vehicle Sales
Expert says a move away from ICE models could lift BEV and ICE markets for a time.
An industry boost from BEV production and sales could start in mid-2024 and stretch through 2027.
IMAGE: Getty Images/koya79
At least one automotive industry expert says a ramp-up in battery-electric vehicle production could boost sales of both BEVs and vehicles with internal combustion engines (ICE).
WardsAuto reported that market prediction from a webinar hosted by LMC Automotive, whose President-Americas Operations and Global Vehicle Forecasts Jeff Schuster said that a BEV shot could be injected into the greater industry’s arm from the bandwagon of electrified vehicle production and sales.
WardsAuto said Schuster predicted that two market forces could result from BEV sales increases.
“One is consumers turning in their vehicle sooner than they would have otherwise, to move into an electrified vehicle,” he said in the webinar. “The other side of that could be a consumer that sees their internal-combustion vehicle choice is no longer going to be in production. So, they want to rush out and get that vehicle, that newer version, before the vehicle goes away.”
Schuster projected that such a boost could start in mid-2024 and stretch through 2027, a period that LMC expects annual global light-vehicle production to rise from 90.9 million units to 100.3 million, WardsAuto reported.
READ MORE: Automakers Drive Up Spending on EV and Battery Development
Originally posted on Auto Dealer Today
More F&I
New Lifetime Battery F&I Product Meant to Drive Dealer Traffic
EFG Cos. offering is intended to create lifetime auto dealer engagement with customers.
Read More →
The Psychology Behind Menus That Increase Add-On Sales
There is a science to crafting a menu that gives customers confidence in the choices presented, and moving the process outside the F&I office can further boost results.
Read More →
Why Your F&I PVR Is Misleading You
Here’s a handy checklist of the numbers to track in 2026 instead.
Read More →
Auto Consumer Anxiety Presents Opportunity
A survey of U.S. drivers found the majority are concerned about finances and the economy, but those fears make many ready to buy vehicle-protection products.
Read More →
Humble and Hungry: 12 Rules for an F&I Life
Dustin Gingerich, with a decade in the F&I business under his belt, shares his thoughts on leadership, building trust with customers, and the importance of learning and innovation.
Read More →
Focus on the Opening
F&I managers must learn as much as possible about their customers, starting before they walk into their offices. The bulk of today’s consumers expect that, and good results will follow.
Read More →
F&I Reaches for the Sky
The increasingly important profit center continued making gains in the first quarter, according to StoneEagle data, ancillary products proving more popular as consumers hold onto their buys longer.
Read More →
What Market Timing Mistakes Mean for Your Reinsurance Program
When volatility hits, dealer-owned reinsurance programs face a familiar temptation: pull back and wait for calmer waters. New data from BOK Financial shows why that instinct can quietly cost you years of surplus growth.
Read More →
The 90/10 Rule
In this video, Ryan Ruff explains the rule that elite sales professionals use to turn ordinary conversations into unforgettable customer experiences.
Read More →
Your Office Is Talking
What’s the atmosphere saying about you to your customers? You can make minor adjustments and additions that transform your space into one that creates trust with the people on the other side of the desk.
Read More →