Please ensure Javascript is enabled for purposes of website accessibility
GM and Tesla CEOs Voice Concerns Over EV Market
By admin
Published 2 years ago on
October 27, 2023

Share

Getting your Trinity Audio player ready...

Automotive industry leaders are expressing concerns over the future of electric vehicles as sales slow and inventories pile up. Executives from major car manufacturers, including General Motors  and Mercedes-Benz, have voiced doubts about the viability of their EV strategies, which are worth billions of dollars.

GM’s CEO, Mary Barra, who has been a strong advocate for EVs, announced during the company’s Q3 earnings call that GM is stepping back from its goal to produce 100,000 EVs in the second half of this year and another 400,000 by the first half of 2024. The company did not provide a new timeline for achieving these targets.

Tesla’s Elon Musk also warned of potential economic issues that could dampen vehicle demand, even for the leading EV manufacturer. Mercedes-Benz, which has had to offer significant discounts on its EVs to boost sales, described the EV market as “brutal.”

Most EVs are currently selling below their sticker price, and manufacturers are offering incentives of nearly 10% to encourage sales. However, these strategies are not proving effective, as EVs are taking longer to sell than their gasoline counterparts due to concerns over cost, infrastructure, and lifestyle changes.

Ford was the first to adjust its EV strategy, extending its deadline to reach annual EV production of 600,000 by a year and abandoning its 2026 target to build 2 million EVs. Honda also scrapped plans to co-develop affordable EVs with GM, citing the unpredictable EV market.

Read more at Business Insider.

RELATED TOPICS:

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

UP NEXT

Justice Department Reaches Deal to Allow Boeing to Avoid Prosecution Over 737 Max Crashes

Trump to Pardon Reality TV’s Todd and Julie Chrisley After Tax Evasion Conviction

10 hours ago

Westlands Leader Calls Slight Water Boost ‘Disappointing’

11 hours ago

High School Dropout to Five Decades in Congress: Charles Rangel Dies at 94

NEW YORK — Former U.S. Rep. Charles Rangel of New York, an outspoken, gravel-voiced Harlem Democrat who spent nearly five decades on Capitol...

9 hours ago

Charles Rangel Obituary
9 hours ago

High School Dropout to Five Decades in Congress: Charles Rangel Dies at 94

Sean "Diddy" Combs stands as he is arraigned on a superseding indictment ahead of his May trial on sex trafficking charges, in New York, U.S., March 14, 2025, in this courtroom sketch. (REUTERS/Jane Rosenberg?/File Photo)
9 hours ago

A Former Aide Says Sean ‘Diddy’ Combs Kidnapped Her in a Plot to Kill Kid Cudi

9 hours ago

RIP Local Broadcast Legend Marv Allen, 80, Longtime Voice of KVPR

Todd Chrisley (2nd L) speaks next to his wife Julie (L) and their kids Chase and Savannah at a panel for the USA television series "Chrisley Knows Best" during the Television Critics Association Cable Summer Press Tour in Beverly Hills, California July 14, 2014. REUTERS/Mario Anzuoni/File Photo
10 hours ago

Trump to Pardon Reality TV’s Todd and Julie Chrisley After Tax Evasion Conviction

11 hours ago

Westlands Leader Calls Slight Water Boost ‘Disappointing’

U.S. Senator Tommy Tuberville (R-AL) speaks at the Conservative Political Action Conference (CPAC) annual meeting in National Harbor, Maryland, U.S., February 22, 2024. REUTERS/Amanda Andrade-Rhoades/File Photo
11 hours ago

Republican Tuberville Announces Bid for Alabama Governor

Residents walk by power grid towers at Bair Island State Marine Park in Redwood City, California, United States, January 26, 2022. REUTERS/Carlos Barria/File Photo
11 hours ago

PG&E Sees Surge in AI Data Center Interest With Fresno Area Emerging as New Hotspot

Salesforce Tower in New York
12 hours ago

SF-Based Salesforce Is Buying Informatica in $8 Billion Deal

Help continue the work that gets you the news that matters most.

Search

Send this to a friend