The EV evolution is going to take longer than we thought
Let’s get one thing out of the way: contrary to what you may have heard, electric vehicle sales are up.
I know, recent headlines suggest otherwise. Tesla sales are down. Ford is scaling back its EV rollout. General Motors is delaying an electric truck and holding back on investments in EV battery mining. And Hertz is off-loading EVs as its stock price struggles. Automakers across the board are losing millions — some are losing billions — as customer demand appears to have flatlined after an initial burst of excitement. The vibe, as they say, is grim.
And yet, sales are still growing. JD Power is projecting that 1.2 million EVs will be sold in the US by the end of 2024, an increase over 1 million sold last year. That’s 9 percent of...