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Volkswagen alone has 136 factories around the world making ICE cars, and refurbishing all of these factories to produce EVs could cost them somewhere between $150-$170 billion. This is not an asset, but rather a massive expense that will add to their already substantial debt of over $200 billion.

The Looming Supplier Collapse

The legacy automakers' promise of millions of BEV production has not been fulfilled, and their ICE suppliers are being hit hard by the lower demand for ICE vehicles. As James Martin, an industry veteran, explained, even the winding down of a low-volume ICE engine can cause suppliers to go out of business before production ends.

With ICE car sales expected to fall off a cliff over the next 5-10 years, the ripple effect on the supply chain is going to be massive. The legacy automakers may not be able to get the parts they need to service the millions of ICE vehicles still on the road, further exacerbating the crisis.

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