The Evolving Electric Vehicle Market: Navigating the Ups and Downs of the EV Transition
Trade Trend Club
The Bottom Line:
EV sales grew 47% in the US in 2022, but the EV trade has lost its luster as consumers turn to hybrid models.
Tesla stock and shares of other pure-play EV companies have declined, highlighting the challenges of conquering the mass market.
Rental car giant Hertz is selling off a third of its EV fleet, citing low demand and high repair costs.
Hybrid vehicles have seen a surge in sales, offering better fuel efficiency, range, and cost-effectiveness compared to EVs.
Automakers like GM and Ford are shifting resources back to hybrid models, acknowledging that the swell of EV demand they expected has not materialized.
