via Natural News:
Earlier in October, several car manufacturer executives acknowledged that their ambitious electric vehicle (EV) plans are in jeopardy, at least in the near term, Business Insider reported.
Dealers have been warning of slowing EV demand, growing inventory and dropping sales for months. Several of the auto bigwigs at some of the biggest carmakers expressed discomfort about the “robocars” market’s growth as concerns over the viability of these vehicles put their multi-billion-dollar electrification strategies at risk.
Historically, one of the auto industry’s most bullish CEOs on the future of electric vehicles is General Motors’ (GM’s) Mary Barra. She is one of the executives who expressed concern about the recently made unstable industry. GM has been an early-mover in the electric car market, selling the Chevrolet Bolt for seven years and making bold claims about a fully electric future for the company long before its competitors got on board. During the third-quarter earnings call, Barra announced with its quarterly results that GM is abandoning its targets to build 100,000 EVs in the second half of this year and another 400,000 by the first six months of 2024. GM doesn’t know when it will hit those targets. “As we get further into the transformation to EV, it’s a bit bumpy,” Barra said.
Meanwhile, the Detroit car company is not alone in this new view of what lies ahead for the electric cars’ future. Even Big Tech mogul Elon Musk of Tesla warned during a recent earnings call that economic concerns would lead to waning vehicle demand, even for the long-time EV market leader. Also, Mercedes-Benz is having to discount its EVs by several thousand dollars just to get them in customers’ hands. MB also went brutally frank about what was happening. “This is a pretty brutal space,” CFO Harald Wilhelm said on an analyst call. “I can hardly imagine the current status quo is fully sustainable for everybody.”
Senate lawmakers narrowly passed a Republican-led bill on Nov. 8 that would reverse the Biden administration’s decision allowing it to waive some of the “Buy America” requirements for electric vehicle (EV) charging stations purchased using taxpayer dollars.