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Far from being the darling of markets that they once were between 2020 and 2021, startup electric vehicle (EV) companies have fallen off the radar in 2023 - and not without reason. Almost all of the names in this once sought-after group are struggling with execution, and multiple companies have scaled back their production plans.
On top of being demand-constrained, almost all EV companies – including the formidable Tesla (TSLA) – now find themselves saddled with excess capacity. The huge wait for much sought-after EV models has now given way to cars piling up at dealers, while multiple companies have cut output to what they typically describe as levels meant to “better align production with market realities.”
