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.
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.