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Wall St Analyst: "No One Wants To Buy An EV"

Austin Smith

Published: November 18, 2024 10:54 am

Key Points:

• Bentley is positioning its electric vehicle (EV) strategies in line with other premium automakers such BMW and Porsche
• Rolls Royce’s first electric vehicle, the Specter, is priced at $420,000
• Rolls Royce’s strategy seems to be milking the narrow, super affluent buyers rather than reposition their whole brand
• Also: Are you ahead, or behind for retirement? Click here now to check. (sponsor)

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Transcript:

[00:00:00] Lee: You know what, Doug? I don’t personally own a Bentley, and I’m not exactly sure if I know anybody that does, but that has been the ultimate luxury car for 50 years, 60 years, and I read this week that they are all but jettisoning most of their EV projects, at least for now.

[00:00:22] Doug: Right. So they’re starting to look like BMW and Porsche, but I’m going to do you one better on this.

[00:00:29] Doug: Rolls Royce, which makes even more expensive cars just launched the specter. The specter is their only EV and you can have one for 420, 000. Yes, you can. And what it tells me is, is that, Oh, look, there is a, there’s a spot at the top of every market. Oh yeah. One one hundredth of one percent of something.

[00:00:51] Doug: Yeah. And you can do things at that pinnacle in certain industries that you cannot do elsewhere. And I think that the Rolls Royce people just said, if somebody’s willing to give me half a million dollars for a car and a few of them want EVs, then that’s fine by us.

[00:01:06] Lee: Yeah, well, I mean, order one and we’ll build it for you, you know, yeah,

[00:01:14] Doug: They’re hand built. So maybe they’re just going to make one.

[00:01:17] Lee: They could, they just could do it on an order basis. And the thing that’s interesting about this is you’re right, that as prices tend or getting pushed down in the EV world, uh, you mean the high end is gonna have a better shot? I don’t think so. And I think Bentley going this route is pretty interesting.

[00:01:37] Doug: Well, and again, I think you’re seeing retreats in EVs from Mercedes. These are not as expensive, but they’re BMW. They’re all, you know, sort of starting to shy away from the EVs because Even at that high end, they don’t have people who are willing to.

[00:01:53] Lee: No. And, and, and again, especially when the bulk of that buying is going to be in Europe in, in, in many cases, and that’s not showing up there because the European economy is especially in Germany is getting worse and worse and worse because they’re, you know, run by socialists and that just doesn’t work that good.

[00:02:14] Doug: Doesn’t work there.