EV interest is declining, automakers shifting focus to hybrid and gas-powered vehicles

From CNBC:

Consumer interest in EVs has decreased, leading automakers like Ford and GM to scale back their electric vehicle plans. While EV sales are still expected to rise, the market is growing at a slower pace than anticipated. Companies are now focusing on offering a mix of gas-powered, hybrid, and electric cars to cater to customer needs.

Despite ambitious goals set by automakers like Alfa Romeo, Jaguar Land Rover, and Volvo to offer only electric vehicles by 2030 or 2035, many are reevaluating their plans based on consumer demand and global emissions regulations. GM, for example, now emphasizes that customer interest will steer their efforts towards electric vehicles, while Ford has backed off some of its targets to focus on hybrids alongside EVs.

Porsche, Toyota, and other automakers have shifted their strategies to include a mix of EVs, hybrids, and gas-powered vehicles, based on the slower-than-expected growth in EV adoption. Toyota, for example, has seen success with its diversified lineup strategy, including hybrids and fuel cell vehicles, which are gaining more U.S. market share than pure EVs. The market for EVs has faced challenges such as rising interest rates and materials costs, making them more expensive compared to traditional vehicles.

The automotive industry and the Biden administration overestimated consumer willingness to adopt EVs without sufficient charging infrastructure. While the shift towards EVs has slowed after attracting early adopters, automakers are pivoting towards a blend of vehicle options to meet customer needs and regulatory requirements.



Read more at CNBC: EV euphoria is dead. Automakers trumpet consumer choice in U.S.