Industry must rein in spend on electric, self-driving cars: Magna CEO says at Detroit Auto Show 2019

Global automobile and auto parts makers which want to capitalize on electric and autonomous vehicles need to cut back investments and forge more partnerships instead, the chief executive of global parts supplier Magna International said Tuesday.

Over the next decade, vehicle and parts suppliers plan to spend $300 billion to bring electric cars to the mass market, Magna CEO Don Walker said, a huge jump from last year’s industry estimate of $90 billion for the period.

“We have to reduce the amount of money everybody’s pouring in, because the end consumer basically wants cheap transportation,” he said in a speech at the Automotive News World Congress in Detroit.