Conflicting trends mean tough times for electric car makers, and continuing ones for consumers

EVs continue to gain market share, but prices are down and manufacturers are trimming their sales.

By Shelly BrisbinNovember 9, 2023 10:30 am, ,

For the second straight year, electric vehicles account for almost 10% of new car sales in the U.S. At the same time, automakers – including GM and Ford – are pulling back on once-ambitious EV manufacturing plans. Even Tesla has found itself cutting prices, with CEO Elon Musk describing the company’s shrinking profit margins to investors. 

Tech expert Omar Gallaga says the conflicting trend lines of EV sales, demand and supply continue to make betting on these vehicles a rough choice for consumers.

Highlights from this segment:

– Early adopters interested in buying EVs have done so, but in the U.S., the mass market has not embraced them.

– GM and Honda canceled a partnership to build affordable EVs, and both Ford and GM have scaled back their ambitions for converting to electric car production quickly.

– EV makers, including Tesla, have had to reduce prices, as cars have remained unsold.

– The combination of technical details, range anxiety and a confusing web of tax incentives has made it difficult for consumers to sort out the electric vehicle market.

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