BMW CEO Warns Against Electric-Only Strategy

BMW CEO Warns Against Electric-Only Strategy
BMW CEO Oliver Zipse speaks during a visit of the German Economic and Climate Protection Minister Robert Habeck at the BMW plant in Munich, Germany, on Jan. 20, 2022. Lukas Barth/Reuters
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BMW Chief Executive Officer Oliver Zipse said companies must be careful not to become too dependent on a select few countries by focusing only on electric vehicles, adding that 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 that the supply of raw materials for batteries was controlled mostly by China.