The rise of electric vehicles is over hyped

Giant automakers and their big shot executives speak very highly about the future of electric cars but if the companies that supply auto parts to these automakers are to believed then they would opine otherwise.
Bloomberg reports that one in five of the top 25 auto parts suppliers have underplayed the hype about the expected sales of EV.
There’s a lot of buzz and a lot of talk about how the world’s going to change to electrified vehicles overnight, and I’m here to tell you it’s not going to happen overnight, and it’s not going to happen for decades,” David Dauch, CEO of American Axle & Manufacturing Holdings Inc., said rather bluntly at a JP Morgan conference in New York. “I’m a strong believer in the internal combustion engine. I think it’s going to continue to be here for some time.”
Car companies want to be ahead in the EV revolution that may or may not happen. Volvo claims to put every new sale an EV car’s sale on the road by 2019 and Tesla pledges that 50% of auto production would be of electric cars in next 10 years. However, the carmakers seem to be ignoring the slow adoption of electric car till date.
The auto parts suppliers claim that the carmakers make huge predictions about EV revolution happening in a days time only to sound progressive to the customers. While, Magna International predicted that only three to six percent of car sales would be of the electric ones by 2025.
“They know what’s going to happen, but they have to say what is going to be popular to be perceived as a progressive company,” said Walker at a seminar in Michigan earlier this month.
Kevin Clark, CEO of Delphi automotive, predicts that only 5% of cars would be electric in 2025 while 95% would still be the good old internal combustion ani e cars.
However, Delphi and Magna predict a growth in the share of hybrid vehicles up to 30% of the market share. PHEV’s could be a good midpoint between electric and gas engine vehicles but the price and variety still needs to improve for the people to accept it more quickly.
It can be said that with new and greener variations made to the internal combustion engine, the electric cars might not see the revolution it is expected to.