According to the survey, which polled nearly 1,000 executives (including 90 in the United States), more than three-quarters of executives think that fuel cell hydrogen vehicles will be the future.

Gary Silberg, Automotive Sector leader at KPMG LLP, suggests that most current investments in EVs by established automakers are simply to comply with efficiency standards:

“There is no question that automakers are adapting to stricter vehicle efficiency standards around the world, and electrification is a big part of that equation even as manufacturers continue to squeeze MPG out of internal combustion engines. What’s unclear is the value proposition for consumers, especially on vehicles outside of the high-end, premium market. Given the multi-billion dollar investments (especially in China), the complex global regulatory environment and rapid technological disruption, there will be clear winners and losers in this EV game.”

A majority of auto executives still think battery electric cars will fail