Innovation Dilemma: How Legacy Automakers Lost $118 Billion Fumbling The EV Revolution

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Source: https://iea.blob.core.windows.net/assets/23cc1f1c-c869-4a39-ac51-457725c87103/EVDataExplorer2025.xlsx; for 2025, https://cleantechnica.com/2026/02/03/global-ev-sales-leaders-2025-top-markets-powertrains/ Note: BEV= Battery EV; PHEV = Plug-In EVKey Points:· Despite the soaring growth of the global EV market share, several leading automakers may have lost $118 billion due to failed efforts in Electric Vehicles· Honda abandons existing EV models, drastically scales back future efforts· Many automakers falsely blame a non-existent market downturn in EV sales· Globally, EVs have grown from 4% of total auto sales in 2021 to 18% in 2023 to 26% in 2025; in 39 countries, the EV share is above 10%· Real problem is that legacy companies often flounder when there is a radical change in technology· Traditional automakers mostly know how to make money on vehicles for a dwindling market: affluent people in rich countries· But growth in car sales increasingly comes from the growing middle class in emerging economies, where Chinese companies are seizing the high ground(Free subscribers can get instant access to the full text of this and all future Memos by subscribing for $50 per year. If you only want this Memo, you can subscribe for a month for $5, get the <emo, and then cancel. You will also get any other memos I put out during the following 30 days. Journalists who are considering citing this piece can write to me at rbkatz@rbkatz.com to get the full text.)Subscribe now Read more