Former Aston Martin CEO Andy Palmer told BI that automakers ditching EVs for hybrids risked falling even further behind their Chinese rivals.
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The Lede
The man often known as the "godfather of EVs" has a warning for automakers thinking of ditching electric vehicles for hybrids. Andy Palmer, a former Aston Martin CEO and Nissan exec, told Business Insider that delaying transitioning to EVs in favor of selling hybrids was a "fool's errand" and warned that automakers doing so risked falling even further behind Chinese EV companies.
Key Details
- Palmer led the development of the Nissan Leaf, the world's first mass-market electric car, which has sold more than half a million units since it launched in 2010.
- Over a decade later, he's skeptical of automakers who have taken the opposite path and turned to hybrids as EV adoption has slowed.
- The auto industry has been shaken by the booming growth of Chinese brands such as BYD. One study found that the Chinese government had spent at least $230 billion on subsidies for EV makers since 2009.
