- Electric car sales are falling, causing concern among automakers.
- Carmakers are reducing output after overestimating the demand for electric vehicles.
- Factors contributing to the decline include a COVID-era supply shortage and discerning consumers reluctant to pay a premium for electric cars.
- Tesla CEO Elon Musk warned of lower growth, and Ford cut the output of its electric F-150 Lightning.
- Despite a 50% increase in EV sales in the first half of 2023, sales plummeted in the latter half.
- Consumers are turning to hybrids and gas vehicles due to rising interest rates and concerns over the availability of public EV chargers.
- Despite the slowdown in the US, the global EV market is growing, with a record number of EVs sold globally in January, up 69% over last January1.
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