Based on the chief of equities strategies at Saxo Bank, Elon Musk made such statements in public. His pronouncements concerned the need for more oil and gas, reflecting an immense concern that increasing electricity rates may hinder electric vehicle adoption. Peter Garnry predicted that the auto industry would continue to experience challenges. The EV sales 2022 information came out of the U.S. and Europe over the past 12 months, declining rather sharply in Europe. Even though the EV sales are booming and constantly expanding, Garnry highlighted that there were still possible trouble spots.
Elon Musk, in Stavanger, Norway, requested not to decommission any further nuclear power facilities. He would not believe it was a coincidence. They require oil and gas as bridging to make the complete transformation. He was completely aware that with electricity costs at an all-time high, it is impossible to sell many electric automobiles. Electric vehicles vs. gasoline-powered cars are dwindling fast here in Europe. Elon Musk is genuinely concerned about what extent that will affect EV sales.
Elon Musk on Oil
Garnry commented on a recent conversation Musk delivered at the ONS 2022 Conference in Norway. He expressed his views on fossil fuels and the broader energy transition. Elon Musk does not tend to demonize oil and gas, and society would not be able to run without them.
The Tesla CEO stated that, at this point, it requires more oil and gas, not less. However, concurrently converting as quickly as possible to a sustainable power economy. Elon Musk later referred to himself as “pro-nuclear” and added that we must continue with nuclear facilities. He also emphasized the significance of renewable energy sources, including hydro, photovoltaic, geothermal, and wind. There have recently been some issues in some sectors. European nations deal with an energy crisis and rising prices in the following months. The rising cost of charging an E.V. may deter customer uptake.
Concern about the cost of recharging an electric vehicle
Numerous arguments occurred in the U.K. concerning the cost of recharging an electric vehicle, and it was when notably, when regulatory Ofgem raised the energy price cap. The impact of Ofgem’s decision is yet unknown. The U.K.’s new Prime Minister, Liz Truss, is expected to launch a help program to solve the cost-of-living issue shortly. A RAC spokeswoman provided an overview of the current circumstances in the days following the introduction of the new pricing cap.
Despite current gasoline and diesel drops, the expense of charging at home still represents a fantastic deal compared to paying for either fuel. But it also illustrates how the increasing energy cost influences many aspects of people’s lives. Dennis continued that the communal ChargePoint providers are forced to raise their charges to match their growing costs, and it will negatively affect drivers compelled to charge up away from their homes.
Energy from CNBC Pro
The EV sales at the moment in the U.K. tends to make for fascinating reading. The Society of Motor Manufacturers and Traders reported that new registrations for battery electric vehicles in the U.K. reached 10,006 in August 2022. It is an increase of 35.4% year over year. However, despite a year-to-date gain of 48.8%, the SMMT highlighted that growth in this area is declining. In contrast, it stated that BEV registrations had increased by 101.9% at the end of Q1. Concerning the relatively long forecast, Garnry of Saxo Bank emphasized that there will be hiccups. From mid-2008 to late 2020, a 12-year bull market for businesses fueled by intangibles, such as technology, affordable healthcare, media, entertainment, etc.