Avios - Ford said yesterday it is slowing EV and battery manufacturing investments amid lower-than-expected demand. GM this week scrapped its target to produce a cumulative 400,000 EVs from 2022 through the first half of 2024. CEO Mary Barra told analysts GM's "taking immediate steps to enhance the profitability of our EV portfolio and adjust to slowing near-term growth."
Between the lines: iSeeCars.com executive analyst Karl Brauer cites economic concerns and interest rates that affect large purchases overall. EV-specific factors include higher average costs than gas-powered models and many consumers' lack of familiarity with the tech.
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