The Electric Vehicle Market is Crumbling

The Electric Vehicle Market is Crumbling

March 13, 2024

Electric vehicle companies are starting to learn a hard lesson. American families do not want expensive and unreliable electric vehicles (EVs), so multiple automakers are slowing down their EV production. 

CNBC reports,

“Automakers from Ford Motor and General Motors to Mercedes-Benz, Volkswagen, Jaguar Land Rover and Aston Martin are scaling back or delaying their electric vehicle plans. Even U.S. EV leader Tesla, which is estimated to have accounted for 55% of EV sales in the country in 2023, is bracing for what “may be a notably lower” rate of growth, CEO Elon Musk said in late January.”

Just a few months ago, auto dealers across the country sent Biden a letter asking him to pause electric vehicle mandates, just another reason the eco-left should give up on this EV pipe dream,

“After significant interest from early EV adopters — bolstered by low interest rates and Tesla’s rise — interest rates skyrocketed, raw materials costs surged and the vehicles became much more expensive compared with their traditional counterparts. It’s also become clear that the automotive industry and the Biden administration, which set its own target for half of new U.S. vehicle sales to be electric by 2030, overestimated the willingness of consumers to adopt a new technology without a reliable and prevalent charging infrastructure.”

The proof could not be more obvious. Despite the media’s boost and government tax breaks for EVs, Americans are not interested. And why would they be? EVs are expensive and unreliable, and American families deserve better.