The EV bust, despite fears, didn’t happen this year. Throughout the year, automakers scaled back their EV plans, blaming lackluster customer demand. Even Tesla, the market leader in battery electric vehicles, cut production at its EV plant in Shanghai, while keeping quiet on plans to produce an affordable EV.
But as 2024 comes to a close, analysts say global EV sales didn’t fall as much as feared. Sales will likely fall short of forecasts by just 1%, according to Will Roberts, head of automotive research at Rho Motion, a research firm.
