More alarm bells sound on slowing demand for electric vehicles

High interest rates are derailing the ambitions of climate regulators and automakers to accelerate the shift to electric vehicles, underscored Wednesday by the scrapping of a GM-Honda partnership and a warning from a battery maker.

“We’re taking immediate steps to enhance the profitability of our EV portfolio and adjust to slowing near-term growth,” GM CEO Mary Barra told analysts. Tesla CEO Elon Musk raised the alarm last week in explaining why he was slowing plans for a Mexico factory.earnings conference call. “As I just can’t emphasize this enough that the vast majority of people buying a car is about the monthly payment. If interest rates remain high or if they go even higher, it’s that much harder for people to buy the car.

Shares of Japan’s Nidec logged their biggest decline in a decade and a half on Tuesday, tumbling more than 10 per cent on investor concerns over the motor manufacturer’s prospects in an increasingly tough Chinese market for EVs.

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