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Even though it’s a record 1.2 million Electric vehicles went on sale in the U.S. last year, but the reality of the EV market has not met industry expectations. EV growth has slowed in the U.S. this year, and auto giants and startups alike are adapting to the path ahead, as evidenced by recent moves by several companies.
For example, the EV industry leader tesla warned Investors on Saturday’s ‘significant decline’ in growth Drastically reduce the price of EVs Aiming to increase demand last year.Ford is Running late 12 billion dollars of EV investment is planned, push back several planned EV launches, and shift The company’s strategy for new, more affordable EVs.
Meanwhile, startups like Rivian and Lucid haven’t been able to pivot as quickly as Tesla and Ford, even though both have wealthy backers (Amazon owns 17% of Rivian). (and 60% owned by Saudi Arabia’s Public Investment Fund), according to Lucid. bloomberg). On Wednesday, these relatively new companies predicted The company said it expects to produce fewer EVs than analysts expected.
According to , Rivian expects to produce 57,000 vehicles in 2024. ReutersThis is significantly lower than the 81,700 EVs expected by analysts and short of the 57,232 EVs produced last year.
An R1T model electric truck is on the pilot production line at Rivian’s headquarters in Irvine, California, U.S. on Wednesday, July 5, 2023. Photographer: Alisha Jucevic/Bloomberg via Getty Images
Lucid expects to produce 9,000 EVs this year, compared to Wall Street’s estimate of 22,594 EVs.clear predicted By 2024, the company will produce 10 times as much (90,000 units) as it did when it went public three years ago.
Employees at EV startups are grappling with the impact of lower profit margins and lower-than-expected demand.Rivian cut Reduced workforce by 10%.company lost Last year it was about $2 billion. Another EV startup, Polestar, 450 people reduced all over the world last month.
“For these automakers, investors want to see demand,” said David Wagner, portfolio manager at Aptus Capital Advisors. Said luck.
The all-electric market may be slowing, but sales are likely to continue increasing.cox automotive Predict EVs are expected to account for 10% of the U.S. auto market by the end of 2024, up from 7.6% last year.