‘Historic Transition’ to EVs Hits a Roadblock: Buyers Don’t Seem to Want Them

Contact Your Elected Officials
The Epoch Times Header

The EV market is ‘a pretty brutal space,’ Mercedes CFO Harald Wilhelm said.

As the Biden administration hails America’s “historic transition to electric vehicles” over the next decade, and carmakers pledge that they are revamping their production lines for an electric future, one group has been left out of the conversation thus far—consumers.

Now consumers are having their say.

With battery electric vehicles (EVs) sitting unsold on dealer lots, carmakers are slashing prices in a desperate attempt to move them, and suffering billions in losses along the way.

“It’s always been the ‘build it and they will come’ strategy,” Vince Sheehy, a Washington car dealer said in an interview with Business Insider. “And they’re just not coming.”

In its earnings report released last week, Ford announced that its EV division posted a quarterly loss of $1.33 billion, on top of a $1.08 billion loss in the previous quarter. In response, Ford said that it would halt production of the electric Mustang Mach-E and cut back its planned $12 billion investment in new EV production, including delaying the opening of a battery plant in Kentucky.

Similarly, GM announced a $1.5 billion hit to profits this quarter, due in part to EV losses. GM CEO Mary Barra, who had formerly claimed that her company’s future was fully electric, announced that GM would drop its production targets of 500,000 EVs over the next 12 months, saying the transition to EVs would be “a bit bumpy.”

On Oct. 17, GM said it would delay all-electric truck production at its Michigan plant until late 2025.

Despite this, many auto analysts continue to predict that the days of the internal combustion engine (ICE) car are numbered, and that an electric future is inevitable.

JATO, an auto analytics firm, states that “while consumer demand for ICE vehicles will persist in the short term, production will be phased out as [carmakers] accelerate their electrification plans.”

A Bad Bet for Carmakers?

However, even with government pressure and analysts’ certainty that EVs are the future, carmakers may be starting to wonder if they are making a dangerous gamble by rushing into a market where there may not be sufficient demand, or in which they cannot compete with cheaper EVs made in China.

By Kevin Stocklin

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Hamas’s Stubborn Grip on Arms Signals No Desire for Genuine Peace

Hamas’s rhetoric reflects its founding ideology, prioritizing armed resistance over civilian welfare or diplomatic progress.

Off the radar

In the longstanding and brutal ledger of religious persecution, Nigeria now occupies its own grim chapter with its enduring pogrom against Christians.

The New Jackboots? A Wake-Up Call on Antifa and Fascism

An analysis of whether Antifa truly opposes fascism by comparing its tactics and behavior to historical signs and movements of fascist regimes.

If Federal Food Assistance Programs End, Theft Begins

Many patriotic Americans well versed in American History have...

Tucker EN FUEGO: Taking Stock of MAGA, Ten Years on

Draining of the Swamp has yet to come anything close to fruition, as the creatures that populate said Swamp yet cling bitterly to power.

Dallas Doctor Surrenders License After Texas AG Sues for Prescribing Gender Transition Drugs to Minors

Doctor surrendered her medical license following lawsuit by Texas AG Paxton, accusing her of illegally prescribing gender transition drugs to minors.

June Lockhart, Beloved Mother Figure From ‘Lassie’ and ‘Lost in Space,’ Dies at 100

June Lockhart, a mother figure for a generation of TV viewers whether at home in “Lassie” or in the stratosphere in “Lost in Space,” has died at 100.

Kamala Harris Teases New White House Run: ‘I Am Not Done’

Kamala Harris hinted in a BBC interview that she may run for president again in 2028, saying she hasn’t ruled out another White House bid.

TCM Classic Tour at Warner Bros. Studio: Finding Stardust in Today’s Hollywood

Warner Bros. launched the TCM Classic Films Tour in April 2024, offering visitors a nostalgic journey through the studio’s historic movie legacy.

Trump Hikes Canada’s Tariffs by 10 Percent for Not Pulling Anti-Tariff Ad Immediately

Trump announced he will increase tariffs on Canada by 10% after ad by provincial government of Ontario misrepresented President Reagan’s speech on tariffs.

Trump Rolls Back Emissions Rules on Copper Smelters

President Trump issued a proclamation aimed at reversing a Biden-era environmental rule that enforced stricter air emission standards on copper smelters.

Donor Gives $130 Million to Cover Shortfall in Troop Pay During Shutdown

Trump announced on Oct. 23 that an anonymous donor sent $130M to cover military pay during the ongoing government shutdown.

‘Frustration’ With Canada Led to Trump Scrapping Talks, Not Just Ontario’s Ad: US Official

President Trump cited Ontario’s TV ad as the reason for halting Canada trade talks, but officials say it stems from rising U.S. frustration with Ottawa.
spot_img

Related Articles

Popular Categories

MAGA Business Central