Researcher IHS Markit estimates consumers will purchase about 500,000 new vehicles to replace what Harvey destroyed, but “when you have hundreds of thousands of people affected by an event of this magnitude, not everyone will hit the market at once.”
The company, which generates most of its profit with large sport utility vehicles and pickup trucks, plans to have a lineup of both battery-powered cars and hydrogen fuel-cell autos, which also run on electricity.
Almost 50 new pure electric-car models will come to market globally in the next five years, including vehicles from Daimler AG and Volkswagen AG, and the reasons for chasing Tesla stretch from politics to show business.
Electric vehicles could be cheaper than our current batch of cars as soon as 2025, and more than half of all new cars sold will be plug-in models by 2040. But are carmakers and auto suppliers truly ready for this monumental transformation?
While Toyota, Volvo, Daimler, announced $5.5 billion in new American factory investments so far this year, it's shy of the $10.2 billion averaged annually this decade.