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