Consumer Demand For Electric Vehicles Not What Automotive Executives Expected

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Automakers are scaling back or delaying their electric vehicle plans as EV euphoria seems to be cooling. A return to a mixed offering of vehicles -gas-powered, hybrids and fully electric- are what major auto manufacturers like Ford, GM and Stellantis are all pivoting towards.  While none of those automakers has officially announced changes to their long-term EV goals, there’s been a notable shift in messaging.  High interest rates, surging raw materials costs, and EVs becoming more expensive than gas-powered cars has slowed their adoption rate.  According to Cox Automotive, the available inventory of EVs in the U.S. has ballooned to 136 days; compared to 78 days’ for the overall industry.

***Courtesy of Total Traffic News***

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