The once-booming electric vehicle (EV) market is now showing signs of a slowdown, prompting a shift in strategy among major automakers. The industry is now focusing on consumer choice, offering a mix of gas-powered, hybrid, and fully electric vehicles.
What Happened: The EV market, which was once the center of attention, is now experiencing a significant slowdown. Major automakers such as Ford Motor (NYSE:F), General Motors (NYSE:GM), Mercedes-Benz Group (OTCPK: MBGAF), Volkswagen (OTCPK: VWAGY), Jaguar Land Rover, and Aston Martin are either scaling back or delaying their EV plans, reported CNBC.
Even Tesla Inc (NASDAQ:TSLA), the leading EV manufacturer in the U.S., is preparing for a potentially slower growth rate. This shift in strategy is a response to the market’s slower-than-expected adoption of EVs, despite the record 1.2 million EV sales in the U.S. last year.
"What we saw in '21 and '22 was a temporary market spike where the demand for EVs really took off," said Marin Gjaja, chief operating officer for Ford's EV unit.
"It's still growing but not nearly at the rate we thought it might have in '21, '22." He added,
"Some of that was to protect ourselves against going too far in one direction, because the market right now, as we've seen, is very uncertain."
VW of America CEO Pablo Di Si stated that he believes a balanced approach is the most effective. ...