The conversation delves into the paradox of declining overall passenger vehicle sales alongside the rising share of electric vehicles (EVs). As traditional internal combustion engine (ICE) vehicle sales plummet, automakers recognize the urgency to capture EV market share, leading to fierce competition. With a staggering decline of about 30% in ICE sales since 2017, the landscape of the automotive industry is rapidly evolving as even luxury brands embrace electrification to stay relevant.
