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US presidential election to impact EV transition

Stellantis CEO Carlos Tavares, pictured in this file photo, spoke Wednesday during a Goldman Sachs event about the potential impact of the U.S. presidential election on the speed of the industry's electrification transition.

Elections next year for president in the United States and parliament in Europe will have a big impact on the speed of the automotive industry’s electrification transition, according to Stellantis CEO Carlos Tavares.

But Tavares assured investors on Wednesday that Stellantis is prepared and that the company believes that the only real uncertainty involves how quickly the transition occurs.

“We are not assuming that the destination is going to change, we think electrification will go on,” Tavares said, appearing with Stellantis Chief Financial Officer Natalie Knight during a fireside chat at Goldman Sachs’ 15th annual Industrials and Autos Week in London.

However, the results of the elections, toward a faster ramp up if the winners are progressive, or a slower one if the winners are populist, will have a real effect on the industry, he said. It wasn’t mentioned, but it’s worth noting that former President Donald Trump, the Republican front-runner, was particularly critical of Joe Biden administration’s push on electric vehicles when he visited a nonunion auto supplier in Michigan during the UAW strike.

This article was originally published by a www.freep.com . Read the Original article here. .

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