What the demand for EVs looks like in 2025

Patrick De Haan, Head of Petroleum Analysis at GasBuddy, joins TheStreet to discuss what the demand for EVs might look like in 2025

Transcript

00:00So geopolitics is something where we normally keep our eyes on that anyway, but it's going to be even

00:05more important during these Trump years. I'm wondering, strip out Trump for a minute and

00:11just look straight at EV demand or potential demand for 2025. What do you see happening there?

00:21Well, I think overall the cost of not only internal combustion engine vehicles,

00:25but EVs is going up. There is new technology down the road. The talk of solid-state batteries

00:30I think EVs will continue to grow. Americans are interested in them. They're interested

00:34in potentially adding solar so that they can defray the costs of recharging those EVs. I do

00:40think it's going to grow over time, but with the lack of government incentives, you may see it slow

00:45down slightly. I mean, we're talking about some of the wealthiest Americans that have made the jump

00:49to EVs and solar panels, and now you're getting down into the incomes that may struggle a little

00:54bit with making the jump to EVs that would rely on those incentives. So it really goes with

00:59incentives. If there's not going to be many incentives, it's going to be an affordability

01:03problem for many middle Americans. And I think the future is going to hinge on some sort of

01:09incentives for those lower incomes to be able to afford those EVs, and that's going to dictate

01:13related sales.