WEBVTT - Audi's Drive Toward an Electric Vehicle Future

0:00:00.040 --> 0:00:03.600
<v Speaker 1>You're listening to Bloomberg Business Week with Carol Messer and

0:00:03.680 --> 0:00:08.760
<v Speaker 1>Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. It's happening globally.

0:00:08.880 --> 0:00:11.560
<v Speaker 1>The US the latest country to cross the electric car

0:00:11.640 --> 0:00:14.440
<v Speaker 1>tipping point for mass adoption for the past six months,

0:00:14.520 --> 0:00:18.040
<v Speaker 1>the US joining Europe and China collectively the three largest

0:00:18.079 --> 0:00:20.800
<v Speaker 1>car markets, and moving beyond the five percent tipping point.

0:00:21.079 --> 0:00:24.040
<v Speaker 1>If the US follows the overall trend established by eighteen

0:00:24.079 --> 0:00:27.200
<v Speaker 1>countries that came before, a quarter of new car sales

0:00:27.480 --> 0:00:29.800
<v Speaker 1>could be electric by the end of that would be

0:00:29.840 --> 0:00:33.120
<v Speaker 1>a year or two ahead of most major forecasts. That's significant.

0:00:33.120 --> 0:00:35.360
<v Speaker 1>That's just a few years away. Doesn't help that, you know,

0:00:35.479 --> 0:00:37.559
<v Speaker 1>Mike doesn't hurt that gas prices are you know, more

0:00:37.560 --> 0:00:39.800
<v Speaker 1>than four fifty a gallon nationally. That'll chevy in a

0:00:39.840 --> 0:00:42.199
<v Speaker 1>different direction, right, all right, So let's see how the

0:00:42.240 --> 0:00:44.560
<v Speaker 1>folks are at out of you're tackling this dramatic shift

0:00:44.600 --> 0:00:47.640
<v Speaker 1>in our world. We welcome Spencer Reader, director of sustainability

0:00:47.680 --> 0:00:50.159
<v Speaker 1>and government affairs at out of America. He is with

0:00:50.240 --> 0:00:53.680
<v Speaker 1>us via zoom from Sacramento, California. Spencer, nice to have

0:00:53.760 --> 0:00:57.440
<v Speaker 1>you here with Tim and myself How are you great? Yeah,

0:00:57.480 --> 0:00:59.520
<v Speaker 1>thanks for having Well, tell us a little bit about

0:01:00.120 --> 0:01:04.080
<v Speaker 1>different factors that are impacting the shift, the global shift

0:01:04.080 --> 0:01:06.800
<v Speaker 1>to evs. If I think about you know, Tim just

0:01:06.840 --> 0:01:10.039
<v Speaker 1>mentioned energy prices we look at, you know, how they

0:01:10.040 --> 0:01:12.120
<v Speaker 1>have shot up because of the Russian War in Ukraine,

0:01:12.680 --> 0:01:15.320
<v Speaker 1>the regulatory shift, climate change. What do you think is

0:01:15.360 --> 0:01:18.320
<v Speaker 1>the biggest factor that's maybe making everybody shift to e

0:01:18.440 --> 0:01:23.440
<v Speaker 1>vs a lot faster than maybe was originally forecast. Well, listen,

0:01:23.560 --> 0:01:27.319
<v Speaker 1>I think you nailed it with the energy crisis, right,

0:01:27.400 --> 0:01:30.000
<v Speaker 1>I mean, just even anecdotally myself and I drive been

0:01:30.040 --> 0:01:32.600
<v Speaker 1>driving a TV for a while, the amount of inquiries

0:01:32.640 --> 0:01:35.520
<v Speaker 1>I get just from neighbors and others on the streets

0:01:35.520 --> 0:01:38.000
<v Speaker 1>here in California. And you know, keep in mind, you

0:01:38.080 --> 0:01:41.080
<v Speaker 1>guys know this, but the f fifty sort of four

0:01:41.240 --> 0:01:45.119
<v Speaker 1>sixty dollars a gallon uh IS would be a bargain

0:01:45.240 --> 0:01:47.960
<v Speaker 1>here in California, right, I mean, we're closer to six

0:01:48.040 --> 0:01:52.200
<v Speaker 1>six dollars a gallon depending on the day of the week. Um,

0:01:52.240 --> 0:01:54.960
<v Speaker 1>it is the economics. It's the economics of of it

0:01:55.000 --> 0:01:57.560
<v Speaker 1>for families, for individuals when they see what they're paying

0:01:57.560 --> 0:02:00.000
<v Speaker 1>at the pump and so evs now become much more,

0:02:00.720 --> 0:02:05.960
<v Speaker 1>uh in in view on the radar for consideration. Uh,

0:02:06.040 --> 0:02:07.800
<v Speaker 1>And I think it's a you know, it's a fortunate

0:02:07.840 --> 0:02:11.560
<v Speaker 1>coincidence of events. There's a lot more product of products better. Um,

0:02:11.560 --> 0:02:14.880
<v Speaker 1>there's more I think people intersecting others in their world,

0:02:14.960 --> 0:02:17.000
<v Speaker 1>whether it's a family member or someone at work that's

0:02:17.080 --> 0:02:20.080
<v Speaker 1>that's driving a TV. So it's in people's consciousness. And

0:02:20.080 --> 0:02:22.239
<v Speaker 1>now you have the energy prices, which which are really

0:02:22.280 --> 0:02:24.840
<v Speaker 1>focusing the mind. But still hard to get a lot

0:02:24.880 --> 0:02:27.320
<v Speaker 1>of these evs because the components that are involved in

0:02:27.360 --> 0:02:30.639
<v Speaker 1>the manufacturing process, particularly the chips, and then of course

0:02:31.360 --> 0:02:34.600
<v Speaker 1>just the raw materials that go into developing the battery spencer.

0:02:34.600 --> 0:02:36.560
<v Speaker 1>Give us an update on how long someone has to

0:02:36.560 --> 0:02:39.880
<v Speaker 1>wait if they order an EV from Autie oh it.

0:02:40.000 --> 0:02:42.200
<v Speaker 1>You know, it depends on the model and what kind

0:02:42.240 --> 0:02:44.480
<v Speaker 1>of options you want, if you want a specific color,

0:02:44.520 --> 0:02:46.880
<v Speaker 1>of course, if you're willing to take any killer. So

0:02:46.919 --> 0:02:49.280
<v Speaker 1>all of those factor in to the times. And I'd

0:02:49.400 --> 0:02:51.800
<v Speaker 1>be wrong if I gave you any particular number, but

0:02:51.919 --> 0:02:54.120
<v Speaker 1>it's you know, it's more than a few days, unless

0:02:54.120 --> 0:02:56.040
<v Speaker 1>you happen to get lucky and go into a dealership

0:02:56.200 --> 0:02:58.760
<v Speaker 1>or something there you're willing to take. But but they're

0:02:58.840 --> 0:03:03.880
<v Speaker 1>unquestionably the supply is constraint right for a whole host

0:03:03.919 --> 0:03:07.200
<v Speaker 1>of reasons, chips being prominent among those. As you listed,

0:03:07.919 --> 0:03:10.560
<v Speaker 1>demand is that So it's it's all of the coincident

0:03:10.840 --> 0:03:13.760
<v Speaker 1>events on the supply side and the demand side that

0:03:13.840 --> 0:03:16.120
<v Speaker 1>have made it more difficult to get the car of

0:03:16.160 --> 0:03:19.200
<v Speaker 1>your choice these days, for sure, Spenser. How much is

0:03:19.240 --> 0:03:21.000
<v Speaker 1>demand up? I mean we've talked about, you know, how

0:03:21.000 --> 0:03:23.320
<v Speaker 1>the car market has been hot certainly throughout the pandemic

0:03:23.320 --> 0:03:25.320
<v Speaker 1>because people couldn't go anywhere, so they need a car

0:03:25.440 --> 0:03:28.640
<v Speaker 1>so they could go somewhere locally. How much is the

0:03:28.720 --> 0:03:31.680
<v Speaker 1>demand in creature? How much has the demand increase when

0:03:31.680 --> 0:03:34.520
<v Speaker 1>it comes to e V specifically? Well, I think I

0:03:34.560 --> 0:03:37.360
<v Speaker 1>think it's unquestionably up. I'll just give you an example.

0:03:37.600 --> 0:03:41.800
<v Speaker 1>It is more anecdotal than a sort of a global metric. Um.

0:03:41.880 --> 0:03:44.800
<v Speaker 1>So we have two dealerships in California that in the

0:03:44.840 --> 0:03:47.280
<v Speaker 1>month of March of last year. So this is before

0:03:47.320 --> 0:03:50.640
<v Speaker 1>even some of the most h you know, I guess

0:03:50.840 --> 0:03:55.600
<v Speaker 1>forceful events occurred that War Ukraine and others that that

0:03:55.720 --> 0:03:57.920
<v Speaker 1>put the constraint on But we had two dealerships the

0:03:57.920 --> 0:04:00.720
<v Speaker 1>month of March last year that sold more all electric

0:04:00.800 --> 0:04:03.720
<v Speaker 1>vehicles than internal combustion engine vehicles, the first time we

0:04:03.800 --> 0:04:07.119
<v Speaker 1>ever experienced that at an Audi dealership anywhere in the US.

0:04:07.280 --> 0:04:10.480
<v Speaker 1>So I think you already saw that latent demand increasing

0:04:10.480 --> 0:04:15.160
<v Speaker 1>and manifesting even as early as the last year. Spencer

0:04:15.200 --> 0:04:16.840
<v Speaker 1>a few questions here. I mean, California has been a

0:04:16.920 --> 0:04:18.719
<v Speaker 1>leader in the in the country when it comes to evs.

0:04:18.760 --> 0:04:20.800
<v Speaker 1>I mean, it was weird to see Tesla's outside of

0:04:20.839 --> 0:04:23.120
<v Speaker 1>California at certain points over the last ten years. But

0:04:23.160 --> 0:04:24.840
<v Speaker 1>if you go to California, they're all over and they

0:04:24.839 --> 0:04:28.080
<v Speaker 1>have been for years, um wearing California with these dealerships.

0:04:28.120 --> 0:04:31.840
<v Speaker 1>And is this getting close anywhere outside of California? And finally,

0:04:32.440 --> 0:04:34.640
<v Speaker 1>is this because of tax credits at all? And I

0:04:34.680 --> 0:04:36.240
<v Speaker 1>will say I see lots of Tesla's now in the

0:04:36.279 --> 0:04:39.640
<v Speaker 1>East Coast. Oh yeah, now it is, Yeah for sure.

0:04:39.960 --> 0:04:42.960
<v Speaker 1>You know, I don't we haven't like de constructed and

0:04:43.480 --> 0:04:46.640
<v Speaker 1>created the full attribution of why this was the case.

0:04:46.680 --> 0:04:49.839
<v Speaker 1>I mean, all of these things factor and the dealership locations.

0:04:49.839 --> 0:04:51.160
<v Speaker 1>One was in the Bay Area, one was in near

0:04:51.160 --> 0:04:56.080
<v Speaker 1>San Diego, interesting for example, so you know, pretty wide distance.

0:04:56.880 --> 0:04:59.160
<v Speaker 1>I think California has got a lot of programs, but

0:04:59.200 --> 0:05:01.960
<v Speaker 1>there's just the in erecture in place for example, Uh,

0:05:02.279 --> 0:05:04.599
<v Speaker 1>that makes I think people feel that it's it's a

0:05:04.600 --> 0:05:06.680
<v Speaker 1>more realistic option. They can go wherever they need to

0:05:06.680 --> 0:05:09.359
<v Speaker 1>and and like you said, in some places seven dollar

0:05:09.400 --> 0:05:14.960
<v Speaker 1>gas at some points, that doesn't Again remember March where

0:05:15.000 --> 0:05:17.560
<v Speaker 1>we saw this behavior. Um. I think you see in

0:05:17.600 --> 0:05:21.040
<v Speaker 1>the Pacific Northwest and Clarry demands quite high. But even

0:05:21.080 --> 0:05:23.280
<v Speaker 1>in places like Texas and Florida, we're selling a bunch

0:05:23.279 --> 0:05:25.720
<v Speaker 1>of our electric vehicles. I think it's it's a it's

0:05:25.720 --> 0:05:29.839
<v Speaker 1>a great product. Um. You know, if the prices weren't

0:05:29.880 --> 0:05:32.960
<v Speaker 1>so high, I think again you'd still see really higher

0:05:33.000 --> 0:05:36.760
<v Speaker 1>demand outpacing lopally projections from even two years ago. And

0:05:36.800 --> 0:05:38.760
<v Speaker 1>I think it is just the quality of the product.

0:05:38.800 --> 0:05:41.000
<v Speaker 1>We we put a lot of thought in, we rolled

0:05:41.160 --> 0:05:43.679
<v Speaker 1>out and it's a great experience for our drivers. Spencer,

0:05:43.720 --> 0:05:45.000
<v Speaker 1>hang on for a second, going to do a little

0:05:45.000 --> 0:05:46.159
<v Speaker 1>bit of news, But we want to come back, and

0:05:46.200 --> 0:05:48.839
<v Speaker 1>I do want to get into government policies globally and

0:05:48.839 --> 0:05:51.680
<v Speaker 1>how that can kind of change even the metrics going forward.

0:05:51.720 --> 0:05:53.880
<v Speaker 1>Spencer reader over at Out of America will come back

0:05:53.880 --> 0:05:55.919
<v Speaker 1>in just a moment I want to get back to

0:05:55.920 --> 0:05:58.719
<v Speaker 1>our guests. Spencer readers with US director of Sustainability and

0:05:58.760 --> 0:06:01.760
<v Speaker 1>Government Affairs at Out of America. He's with us via

0:06:01.839 --> 0:06:06.080
<v Speaker 1>zoom from Sacramento, California. So, um, when there's good journalism

0:06:06.160 --> 0:06:11.160
<v Speaker 1>out there, we're just gonna steal it, basically and credited credited.

0:06:11.360 --> 0:06:14.800
<v Speaker 1>Fast Company did a story why this climate scientist now

0:06:14.839 --> 0:06:17.479
<v Speaker 1>works for a car company? Spencer. It's a great question.

0:06:18.120 --> 0:06:20.600
<v Speaker 1>Why is it and why did you you were that

0:06:20.640 --> 0:06:23.760
<v Speaker 1>climate scientist by the way, exactly, so help us make

0:06:23.760 --> 0:06:26.719
<v Speaker 1>the connection and why you wanted to be there and

0:06:27.279 --> 0:06:30.640
<v Speaker 1>why it works. Sure, well listen, I mean it's a

0:06:31.240 --> 0:06:33.800
<v Speaker 1>you know, it's a multifaceted sort of story. But the

0:06:33.960 --> 0:06:37.719
<v Speaker 1>upshot is this, in the US, the top source of

0:06:37.760 --> 0:06:41.159
<v Speaker 1>greenhouse gas emissions of carbon dioxide specifically come from the

0:06:41.160 --> 0:06:45.760
<v Speaker 1>transportation sector. I've been studying various elements of the climate problem,

0:06:45.800 --> 0:06:49.040
<v Speaker 1>whether it be the impacts affecting our coastlines and how

0:06:49.120 --> 0:06:51.840
<v Speaker 1>you reduce those impacts. But at the end of the day,

0:06:51.839 --> 0:06:53.720
<v Speaker 1>it's about, you know, action that we need to take

0:06:53.920 --> 0:06:57.159
<v Speaker 1>as a country and within the private sector, there is

0:06:57.200 --> 0:06:59.880
<v Speaker 1>this sort of confluence of factors that are pushing us

0:07:00.400 --> 0:07:05.760
<v Speaker 1>towards a really unprecedented transformation, and AUDI was positioned when

0:07:05.760 --> 0:07:09.039
<v Speaker 1>I was evaluating sort of the options in the industry,

0:07:09.200 --> 0:07:13.920
<v Speaker 1>they really appeared position to take a very bold step forward. Uh,

0:07:13.960 --> 0:07:16.679
<v Speaker 1>And that's why I joined AUDI to help them really

0:07:16.720 --> 0:07:19.840
<v Speaker 1>push pushed through you know, some of the internal resistance,

0:07:19.880 --> 0:07:23.000
<v Speaker 1>Like you know, there's there's a transit risks right back

0:07:23.040 --> 0:07:26.520
<v Speaker 1>in there. It wasn't evident clearly that this was going

0:07:26.560 --> 0:07:28.760
<v Speaker 1>to be a full transformation. Now I think there's a

0:07:28.760 --> 0:07:31.040
<v Speaker 1>lot more evidence that we're heading, as you noted at

0:07:31.040 --> 0:07:33.920
<v Speaker 1>the top of the program, we're hitting some tipping points

0:07:34.160 --> 0:07:38.320
<v Speaker 1>that was not the case in when I joined Spencer.

0:07:38.360 --> 0:07:40.600
<v Speaker 1>Is there is there any part of the supply chain

0:07:40.640 --> 0:07:43.600
<v Speaker 1>of or the construction of an electric vehicle, namely the

0:07:43.640 --> 0:07:45.720
<v Speaker 1>battery and the components that go into a battery that

0:07:45.840 --> 0:07:48.480
<v Speaker 1>give you pause from a sustainability perspective, since you are

0:07:48.520 --> 0:07:52.920
<v Speaker 1>still relying on so many raw materials. There is, but

0:07:52.960 --> 0:07:55.760
<v Speaker 1>I don't think it's really unique to an electric vehicle.

0:07:55.800 --> 0:07:58.040
<v Speaker 1>I mean, all the things that we consume in society

0:07:58.080 --> 0:08:01.760
<v Speaker 1>have impacts on the environment in terms of raw materials,

0:08:02.160 --> 0:08:05.120
<v Speaker 1>and I think there's been some hyperbole injected into the

0:08:05.120 --> 0:08:08.040
<v Speaker 1>conversation around electric vehicles that they are somehow unique in

0:08:08.080 --> 0:08:10.280
<v Speaker 1>this regard. We use a lot of raw materials to

0:08:10.280 --> 0:08:12.160
<v Speaker 1>build all the things that we use and consume day

0:08:12.200 --> 0:08:15.840
<v Speaker 1>to day. Um, you know so, yeah, lithium, cobalt, those

0:08:15.840 --> 0:08:19.800
<v Speaker 1>are issues that the industry is hyper focused on with

0:08:19.960 --> 0:08:23.200
<v Speaker 1>the broader ecosystem of suppliers. The nice thing about this

0:08:23.440 --> 0:08:26.119
<v Speaker 1>situation is once we get sort of a critical mass

0:08:26.200 --> 0:08:29.200
<v Speaker 1>of e vs in the market, the materials and those

0:08:29.200 --> 0:08:32.480
<v Speaker 1>batteries are fully recoverable. There is a closed loop recycling

0:08:32.520 --> 0:08:36.040
<v Speaker 1>opportunity that companies like Redwood, which OUTI is partnering with

0:08:36.160 --> 0:08:40.400
<v Speaker 1>now they're based on Nevada, that they have this this developed.

0:08:40.400 --> 0:08:43.079
<v Speaker 1>In terms of this vision, they will take nothing to landfill.

0:08:43.480 --> 0:08:46.400
<v Speaker 1>The raw materials that need to be extracted from the

0:08:46.400 --> 0:08:49.160
<v Speaker 1>Earth will dwindle over time and they can just create

0:08:49.160 --> 0:08:51.400
<v Speaker 1>this closed loop system. So to me, this is a

0:08:51.520 --> 0:08:53.880
<v Speaker 1>such a lovely story in terms of where we're heading.

0:08:54.200 --> 0:08:58.000
<v Speaker 1>In the meantime, Certainly attention is warranted on how we

0:08:58.040 --> 0:09:00.560
<v Speaker 1>procure those raw materials, is it done and the right way?

0:09:01.000 --> 0:09:03.600
<v Speaker 1>And I think the world's attention on those is justified.

0:09:03.760 --> 0:09:07.080
<v Speaker 1>But again I would say that the uniqueness of this

0:09:07.280 --> 0:09:11.640
<v Speaker 1>situation for EVS is something that is not really warranted.

0:09:11.800 --> 0:09:14.280
<v Speaker 1>It's a it's a situation that applies to everything that

0:09:14.320 --> 0:09:17.320
<v Speaker 1>we use and consume. Hey, but you said that why

0:09:17.440 --> 0:09:21.160
<v Speaker 1>you chose Audie and when you were evaluating kind of

0:09:21.200 --> 0:09:22.760
<v Speaker 1>what you wanted to do or who you wanted to

0:09:22.800 --> 0:09:24.520
<v Speaker 1>maybe go work with, and you talked about the bold

0:09:24.559 --> 0:09:27.719
<v Speaker 1>moves at Audie. Do you feel like governments globally are

0:09:27.840 --> 0:09:31.840
<v Speaker 1>taking bold enough moves for us to you know, fully

0:09:31.840 --> 0:09:36.640
<v Speaker 1>embrace EVS Because I still think about the lack of infrastructure,

0:09:37.360 --> 0:09:39.960
<v Speaker 1>uh that we see throughout the country to support EVS.

0:09:39.960 --> 0:09:41.800
<v Speaker 1>There was a great store I can't remember who wrote it,

0:09:42.240 --> 0:09:44.200
<v Speaker 1>um some other media source of somebody who took a

0:09:44.320 --> 0:09:48.160
<v Speaker 1>ride like across the country or and how tricky it

0:09:48.320 --> 0:09:51.760
<v Speaker 1>was to keep charging and finding places to charge. So

0:09:52.679 --> 0:09:56.800
<v Speaker 1>are we not being bold enough as a government? I

0:09:57.120 --> 0:10:00.240
<v Speaker 1>think I think that's correct. Listen, if you just get

0:10:00.240 --> 0:10:03.319
<v Speaker 1>our investment out these investment a loan in electrification over

0:10:03.360 --> 0:10:06.800
<v Speaker 1>the next four plus years, we're investing nineteen billion with

0:10:06.920 --> 0:10:10.920
<v Speaker 1>the b The big investment that everyone's touting in terms

0:10:10.960 --> 0:10:14.160
<v Speaker 1>of the federal government here in the US and infrastructure

0:10:14.200 --> 0:10:16.840
<v Speaker 1>is seven point five billion. I mean, that's an order

0:10:16.840 --> 0:10:19.720
<v Speaker 1>of magnitude lower than what we're is one company putting

0:10:19.760 --> 0:10:22.719
<v Speaker 1>into this space. So I think unequivocally there needs to

0:10:22.760 --> 0:10:24.959
<v Speaker 1>be more resources put into this. Now, you've got states

0:10:24.960 --> 0:10:27.520
<v Speaker 1>like California that have that have put historically a lot

0:10:27.559 --> 0:10:30.800
<v Speaker 1>of money into this. But but there is no question

0:10:31.160 --> 0:10:33.360
<v Speaker 1>that you know, I'm talking about the US here, that

0:10:33.400 --> 0:10:37.440
<v Speaker 1>we need uh multiples of what's being discussed right now

0:10:37.679 --> 0:10:40.679
<v Speaker 1>to really pull off the full transformation that people really

0:10:40.920 --> 0:10:44.520
<v Speaker 1>at least those you know who want this are touting.

0:10:44.880 --> 0:10:46.959
<v Speaker 1>What specifically do we need on the federal level. Give

0:10:47.000 --> 0:10:48.960
<v Speaker 1>us an idea of the conversations that you're having not

0:10:49.080 --> 0:10:51.440
<v Speaker 1>just in the state of California, but but also what's

0:10:51.440 --> 0:10:53.560
<v Speaker 1>happening on the federal level. Like if you had a

0:10:53.640 --> 0:10:55.400
<v Speaker 1>magic wand that you could wave, what would you want

0:10:55.440 --> 0:10:58.160
<v Speaker 1>to say? Well, listen, let's just stick with the with

0:10:58.240 --> 0:10:59.960
<v Speaker 1>the theme that we've talked about, you know, the set

0:11:00.040 --> 0:11:03.080
<v Speaker 1>the point five billion. There are analyzes that have been

0:11:03.120 --> 0:11:07.320
<v Speaker 1>conducted one by the Public Policies too that suggests eighty

0:11:07.360 --> 0:11:10.200
<v Speaker 1>billions what's needed to meet just the current sort of

0:11:10.200 --> 0:11:13.760
<v Speaker 1>projections for demand over the next few years. So again

0:11:13.760 --> 0:11:17.880
<v Speaker 1>it's in order of magnitude difference. Uh, that's the biggest, right,

0:11:17.920 --> 0:11:19.880
<v Speaker 1>It is the infrastructure piece. I mean, we we can

0:11:19.920 --> 0:11:22.200
<v Speaker 1>build the vehicles, we can bring them to market, but

0:11:22.280 --> 0:11:25.760
<v Speaker 1>if there isn't the infrastructure and the incentives for not

0:11:25.880 --> 0:11:28.720
<v Speaker 1>just the public charging but those that we need at

0:11:28.760 --> 0:11:33.120
<v Speaker 1>residences and multi family homes, high speed charging for certain

0:11:33.160 --> 0:11:36.360
<v Speaker 1>situations where you've got you right, hail companies that need

0:11:36.400 --> 0:11:39.560
<v Speaker 1>to charge those vehicles, the various kinds of commercial vehicles.

0:11:39.920 --> 0:11:43.480
<v Speaker 1>It's a whole sort of ecosystem of infrastructure investments that

0:11:43.520 --> 0:11:46.679
<v Speaker 1>need to be made in partnership with electric utilities and

0:11:46.960 --> 0:11:50.360
<v Speaker 1>every other sort of stakeholder that has an interest in that. Hey, spencer,

0:11:50.440 --> 0:11:52.640
<v Speaker 1>is the trend to that you know, they become greener

0:11:52.640 --> 0:11:54.520
<v Speaker 1>and greener because you know, as you guys were talking

0:11:54.520 --> 0:11:56.400
<v Speaker 1>about lithium, I mean it doesn't just flow out of

0:11:56.440 --> 0:11:59.920
<v Speaker 1>the ground and into battery plants. Electricity, right, you know,

0:12:00.679 --> 0:12:03.240
<v Speaker 1>isn't captured without a great deal of capital and carbon expense.

0:12:03.679 --> 0:12:06.720
<v Speaker 1>There's really no zero emission vehicle. Right, We're not quite

0:12:06.760 --> 0:12:09.719
<v Speaker 1>there yet, but do we move closer there? I mean,

0:12:10.000 --> 0:12:12.720
<v Speaker 1>what is the R and D Now that we see

0:12:12.720 --> 0:12:16.640
<v Speaker 1>a lot more evs coming out of global automakers, well,

0:12:16.679 --> 0:12:19.000
<v Speaker 1>you know, listen on the youth side once the vehicles

0:12:19.040 --> 0:12:21.040
<v Speaker 1>in the customer's hands. I mean, there are places like

0:12:21.080 --> 0:12:23.280
<v Speaker 1>the city of Seattle, for example, that has essentially a

0:12:23.360 --> 0:12:26.600
<v Speaker 1>zero carbon electricity grid because of investments they've made over

0:12:26.640 --> 0:12:29.400
<v Speaker 1>a long period time. California's conversion on a zero missions

0:12:29.440 --> 0:12:32.560
<v Speaker 1>grid as well in the next few years. So I

0:12:32.600 --> 0:12:34.959
<v Speaker 1>think from the use phase that sort of zero tailed

0:12:35.000 --> 0:12:37.560
<v Speaker 1>type emissions, even if you go upstream, that we're close

0:12:37.640 --> 0:12:39.559
<v Speaker 1>to being that already in many parts of the country.

0:12:40.000 --> 0:12:42.400
<v Speaker 1>You look at the vehicle from you know, the full

0:12:42.440 --> 0:12:44.760
<v Speaker 1>life cycle. That material is the extract from the ground

0:12:44.800 --> 0:12:48.880
<v Speaker 1>that manufacturing processes. We in terms of what we control,

0:12:48.920 --> 0:12:51.600
<v Speaker 1>we're working on that every day to reduce the carbon

0:12:51.640 --> 0:12:55.040
<v Speaker 1>intensity of all of those steps. Um, you know, we're

0:12:55.040 --> 0:12:57.040
<v Speaker 1>a ways away from that. As an industry and certainly

0:12:57.040 --> 0:12:59.760
<v Speaker 1>as a society. We've got to decarbonize in all of

0:12:59.800 --> 0:13:02.120
<v Speaker 1>the colmy and then we get in the conversations during

0:13:02.200 --> 0:13:05.439
<v Speaker 1>carbon pricing, which politically is sort of a third rail

0:13:05.600 --> 0:13:09.160
<v Speaker 1>right now. But I think we're heading a good direction.

0:13:09.200 --> 0:13:10.280
<v Speaker 1>We have a lot more work to do, but I

0:13:10.280 --> 0:13:13.600
<v Speaker 1>think we're farther along than some people might suggest. Listen,

0:13:13.640 --> 0:13:15.640
<v Speaker 1>this was so much fun. Please come back because we'd

0:13:15.679 --> 0:13:19.360
<v Speaker 1>love to continue this. Uh, your perspective and especially working

0:13:19.360 --> 0:13:22.640
<v Speaker 1>for a major global auto manufacturer, really gives us something

0:13:22.679 --> 0:13:25.079
<v Speaker 1>to think about. Spencer Reader, director of Government Affairs and

0:13:25.120 --> 0:13:29.079
<v Speaker 1>Sustainability at out of America, joining up Zoom from Sacramento, California.

0:13:29.120 --> 0:13:30.440
<v Speaker 1>We got to get him back. Maybe during the winter.

0:13:30.520 --> 0:13:33.880
<v Speaker 1>We can talk about telemark skiing too. Yeah, he's really

0:13:33.880 --> 0:13:38.199
<v Speaker 1>into that. If you check out his page on Twitter. Um,

0:13:38.240 --> 0:13:40.640
<v Speaker 1>that's it. That's a wrap a lot of big macro stories.

0:13:41.080 --> 0:13:43.240
<v Speaker 1>We've got some big earnings. IBM still down about three

0:13:43.280 --> 0:13:45.640
<v Speaker 1>point six percently after ours for Tim Stanavk and the

0:13:45.640 --> 0:13:48.439
<v Speaker 1>Hohl Bloomberg Business Week team on Carol Masser, this is

0:13:48.480 --> 0:13:49.000
<v Speaker 1>Bloomberg