Over the past year, automakers have reported softening demand for electric vehicles and have subsequently reassessed their original ambitious production targets. At the same time, there is.
Why it matters: The EV market is at a critical juncture as automakers revise production goals citing softening demand even though research still points towards long-term growth. Now is an ideal time for consumers to consider making the switch to EVs while manufacturers must adapt quickly to a changing market and still maintain a long-term vision for electrification.
Over the past year, automakers have reported softening demand for electric vehicles and have subsequently reassessed their original ambitious production targets. At the same time, there is an unexpected level of oversupply in the market, depressing prices and giving bargain-hunting consumers the opportunity to buy these cars at a discounted price. It is a significant shift in the EV landscape that has occurred over the space of a year.
Certainly, the long-term outlook is looking far different than even a few months ago. One after another, major automakers have announced plans to scale back their EV production goals for the next five years.
Late last year, 14 EV automakers had production goals of 27 million EVs for 2030, according to a new analysis by BloombergNEF reported in Inside EVs.
