BMW CEO Oliver Zipse said companies must be careful not to become too dependent on a select few countries by focusing only on electric vehicles, adding there was still a market for combustion engine cars.
"When you look at the technology coming out, the EV push, we must be careful because at the same time you increase dependency on very few countries," Zipse said at a roundtable in New York, highlighting the supply of raw materials for batteries was controlled mostly by China.
He has long advocated against all-out bans on combustion engine car sales in the face of rising pressure from regulators on the auto industry to curb its carbon emissions and environmental impact. Companies also needed to plan for energy prices and raw materials to remain high by being more efficient in their production and stepping up recycling efforts to keep costs down, he said.
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