BMW CEO Oliver Zipse said companies must be careful with the “EV push” because it increases dependency on a select few countries.
Zipse was referring to China primarily controlling the supply of raw materials for batteries, Reuters reports.
Simultaneously, Zipse said a market still exists for combustion engine cars.
At a roundtable in New York, Zipse asked, “If someone can’t buy an EV but needs a car, would you rather propose he drive his old car forever?”
As regulators pressure automakers to curb carbon emissions, Zipse has been against an all-out combustion engine car sales ban.
Zipse referenced EV prices and gaps in charging infrastructure and argued fuel-efficient combustion engine cars were vital from an environmental and profit perspective.
Finally, he added companies need to increase recycling efforts to keep production costs down in anticipation of energy and raw materials prices remaining high.