The problem isn’t that EV sales have stopped, but that growth is slowing faster than forecast. For an market segment with some pretty stiff regulations and govt mandated goals coming in the very near future, this is worrying.
Some relevant quotes:
… this week on GM’s third-quarter earnings call, Barra and GM struck a more sober tone. The company announced with its quarterly results that it’s abandoning its targets to build 100,000 EVs in the second half of this year and another 400,000 by the first six months of 2024. GM doesn’t know when it will hit those targets.
“This is a pretty brutal space,” CFO Harald Wilhelm said on an analyst call. “I can hardly imagine the current status quo is fully sustainable for everybody.”
… inventory builds up at dealerships, much to the chagrin of dealers. While car buyers are in luck if they’re looking for a deal on a plug-in vehicle, executives are finding even significant markdowns and discounts aren’t enough.
The auto manufacturers themselves are saying EV sales are slowing down:
https://www.businessinsider.com/auto-executives-coming-clean-evs-arent-working-2023-10
The problem isn’t that EV sales have stopped, but that growth is slowing faster than forecast. For an market segment with some pretty stiff regulations and govt mandated goals coming in the very near future, this is worrying.
Some relevant quotes:
… this week on GM’s third-quarter earnings call, Barra and GM struck a more sober tone. The company announced with its quarterly results that it’s abandoning its targets to build 100,000 EVs in the second half of this year and another 400,000 by the first six months of 2024. GM doesn’t know when it will hit those targets.
“This is a pretty brutal space,” CFO Harald Wilhelm said on an analyst call. “I can hardly imagine the current status quo is fully sustainable for everybody.”
… inventory builds up at dealerships, much to the chagrin of dealers. While car buyers are in luck if they’re looking for a deal on a plug-in vehicle, executives are finding even significant markdowns and discounts aren’t enough.