It’s a noteworthy development when a top executive at an automaker, recognized for its inline-six engines, openly acknowledges that the future growth does not lie in internal combustion. BMW, of all automakers, is paving the way for the transition away from traditional engines.
This revelation is the starting point for this mid-week edition of Critical Materials, InsideEVs’ morning news roundup. Additionally, we delve into what the latest round of Elon Musk’s compensation drama signifies and take a closer look at where China’s BYD stands in the fiercely competitive self-driving race.
30%: BMW, Coming Off A Great 2023, Admits EVs Will Drive Future Growth
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BMW, known for its high-revving and turbocharged gas engines, is successfully navigating the transition to electrification. Its new lineup of EVs like the iX, i4 and i5 is excellent, and its range of plug-in hybrids is a great option for consumers. As a result, BMW saw record plug-in car sales last year.
Chief Financial Officer Walter Mertl openly states that BMW anticipates significant long-term growth from battery electric vehicles, marking a tipping point for combustion engines. BMW predicted about 16.7 million electric car sales in 2024, positioning itself for cost parity with internal combustion cars by the end of the decade and higher returns on EVs.
The point is, BMW appears to be well-positioned to embrace the future of electrification, in line with the developments in the industry.
60%: Tesla’s Board Will Probably Cave To Elon Musk
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Tesla CEO Elon Musk is seeking to exert more control over the company, posing a tough decision for the board of directors. Musk is at odds with investors over his $56 billion pay package from Tesla, creating uncertainty about the company’s future. While it remains to be seen how this situation unfolds, it is likely that the Tesla board, largely loyal to Musk, will give him what he desires, despite potential opposition from shareholders and the governance concerns it raises.
90%: BYD: We Have Autopilot At Home
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BYD has made significant strides in the smart car industry by introducing advanced features such as Autopilot, in-car gaming, and access to vehicles through gesture control. BYD’s expansion into overseas markets further illustrates its commitment to innovation and growth.
This investment in advanced car technologies and overseas brand expansion positions BYD as a major player in the global smart car industry.
100%: What To Do With Elon Musk?
As a new board member at Tesla, you are faced with the dilemma of how to handle Elon Musk’s compensation demands. Ultimately, the decision will have significant implications for the company’s future and its relationship with its shareholders. Although Musk’s influence and vision have been instrumental in Tesla’s success, the board must carefully weigh the potential consequences of granting him additional control over the company.