“Automakers from Ford Motor and General Motors to Mercedes-Benz, Volkswagen, Jaguar Land Rover and Aston Martin are scaling back or delaying their electric vehicle plans,”
For years, the automotive industry has been in a state of EV euphoria. Automakers trotted out optimistic sales forecasts for electric models and announced ambitious targets for EV growth. Wall Street boosted valuations for legacy automakers and startup entrants alike, based in part on their visions for an EV future.
Even U.S. EV leader Tesla, which is estimated to have accounted for 55% of EV sales in the country in 2023, is bracing for what “may be a notably lower” rate of growth, CEO Elon Musk said in late January. EV sales are still expected to increase. Last year, they represented 1.2 million sales in the U.S. or 7.6 percent of total car sales. By 2030, that number is expected to climb somewhere between 30 and 39 percent . The movement now appears to be towards hybrids, which offer the best of both worlds. You have your battery and your gas-powered engine as a backup.The early adopters, the smug environmentalists and the trendy rich, have already bought in.
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