The global automotive industry finds itself at a crossroads, grappling with the pivotal question of whether the internal combustion engine
will endure in the face of rising oil prices or if the future lies in the realm of hybrid and fully electric vehicles.
China’s BYD, for instance, is resolutely committed to becoming a global leader not only in electric vehicles but also in matching the world’s premier car manufacturers. Multiple other Chinese companies are hot on their heels, introducing innovative technologies and establishing China as a formidable force in the realm of EVs.
Yet, the cutthroat competition among EV manufacturers is just one facet of the challenges confronting the EV market. There remains a persistent demand for ICE vehicles among consumers, alongside the popularity of hybrid cars among Japanese automakers, who have long influenced the preferences of markets like the Philippines. Many Japanese automakers are hesitant to fully commit to electric vehicles, instead opting to develop hybrid vehicles that can run on both fossil fuels and batteries.
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