An Electric Vehicle Boom Is Fading Around the World
The excitement around electric vehicles is gradually fading around the world. As a result, major automakers are cutting back or postponing plans to produce them, CNBC reports. Instead, many car manufacturers are switching to hybrid models. They are considered more flexible, so customers choose vehicles with hybrid powerplants as a more beneficial option. Among the automakers that plan to increase production of hybrid models are American Ford and General Motors, German Volkswagen, South Korean Hyundai Motor and Kia, as well as Japanese Toyota.
When choosing their next car, car enthusiasts get worried about the lack of charging stations and the limited range of electric vehicles. This is one of the reasons that influence demand in the EV market. Yet, uncovering the car’s specifications by using different online tools, such as a search for a window sticker by VIN, can help in choosing decent EV options. It gives clear details about the car’s range, electricity consumption, safety features, basic and optional equipment installed, and much more.
The largest automakers, such as General Motors, Mercedes-Benz, Volkswagen, Jaguar, Land Rover, and Aston Martin, are changing their EV plans. For example, they reduce the manufacturing volumes of already-launched models or postpone their plans to present new EV lineups.
The trend has touched even leading automakers. For example, Tesla, which accounted for up to 55% of sales in the United States last year, stated that rates of sales growth may be significantly lower in 2024. It has also recently become known that Apple is winding down the Titan project for the production of EVs. The company was going to present its electric car in 2025.
Experts say that the skyrocketing popularity of EVs, which was especially noticed in 2021–2022, is a temporary market trend. Today, we can see that electric car sales are still growing, but the percentage is lower than it was before.
In the United States, interest rates on loans for the purchase of electric vehicles and the cost of raw materials for car manufacturing have increased. As a result, EVs have become much more expensive than their counterparts with internal combustion engines.
According to experts, the market is returning to a mixed offer, with gasoline car models alongside hybrids and all-electric options.
