Money

Retail Sales Dive in January as Consumers Pull Back

Wall Street Journal - Car companies that invested big in EVs have realized over the past six months that car buyers were more discerning than expected. Now automakers are delaying or downsizing some projects. Many drivers have been reluctant to pay more for EVs that come with worries about battery range, charging times and repair costs, according to dealers and surveys. Plus, high interest rates meant heftier monthly payments on already pricey EVs. Government regulations, corporate climate goals, the rise of Chinese EV makers and Tesla’s high stock valuation had fueled the automakers’ optimism—until the wave of early adopters receded.

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