From geopolitics to increased regulation, CEOs at major automakers are stepping up their efforts to stay relevant in a changing industry.
require 20% of sales revenue from carmakers to come from full-electric vehicles, or"Ultra Low Emissions Vehicles" by 2025. That target is set to rise to 40% of sales by 2030.
As a result, M&A and strategic moves into the space are increasingly likely. A failure to do so could leave automakers high and dry as major players snap up lithium — the element behind EV batteries — assets and boost market share in the EV industry.The deal ultimately fell through but the attempted merger's existence came from the automakers' need to boost their presence in the EV space and was a sign of the market's electrification imperative.
A Bank of America note from the end of May noted that the failure of the FCA deal had sparked a conversation within the industry about electrification. They indicated that major automakers such as GM, BMW, and Ford could all be ripe for joint ventures, strategic acquisitions, and mergers.
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