With signs of growing inventory and slowing sales, auto industry executives admitted this week that their ambitious electric vehicle plans are in jeopardy, at least in the near term.
Several C-Suite leaders at some of the biggest carmakers voiced fresh unease about the electric car market’s growth as concerns over the viability of these vehicles put their multi-billion-dollar electrification strategies at risk.
Even Tesla’s Elon Musk warned on a recent earnings call that economic concerns would lead to waning vehicle demand, even for the long-time EV market leader.
These cars are taking dealers longer to sell compared with their gas counterparts as the next wave of buyers focus on cost, infrastructure challenges, and lifestyle barriers to adopting.
In July, the company extended its self-imposed deadline to hit annual electric vehicle production of 600,000 by a year, and abandoned a 2026 target to build 2 million EVs.
“People are finally seeing reality,” Toyota Motor Chairman Akio Toyoda said at the Japan Mobility Show, the Wall Street Journal reported.
The original article contains 566 words, the summary contains 167 words. Saved 70%. I’m a bot and I’m open source!
This is the best summary I could come up with:
With signs of growing inventory and slowing sales, auto industry executives admitted this week that their ambitious electric vehicle plans are in jeopardy, at least in the near term.
Several C-Suite leaders at some of the biggest carmakers voiced fresh unease about the electric car market’s growth as concerns over the viability of these vehicles put their multi-billion-dollar electrification strategies at risk.
Even Tesla’s Elon Musk warned on a recent earnings call that economic concerns would lead to waning vehicle demand, even for the long-time EV market leader.
These cars are taking dealers longer to sell compared with their gas counterparts as the next wave of buyers focus on cost, infrastructure challenges, and lifestyle barriers to adopting.
In July, the company extended its self-imposed deadline to hit annual electric vehicle production of 600,000 by a year, and abandoned a 2026 target to build 2 million EVs.
“People are finally seeing reality,” Toyota Motor Chairman Akio Toyoda said at the Japan Mobility Show, the Wall Street Journal reported.
The original article contains 566 words, the summary contains 167 words. Saved 70%. I’m a bot and I’m open source!