It’s almost as if 2024’s setting up to be a come-to-Jesus moment for EVs, as manufacturers ask what level of growth is truly sustainable for an electrified future. Overspending on development for returns that aren’t happening as fast as expected is leaving manufacturers with a dilemma: Do we press forward, or slow-roll existing plans? GM, Ford, and more are all scaling back their EV plans in the face of softer-than-expected (but growing) demand. Just recently, Elon Musk was candid with shareholders that he does not expect Tesla to be able to sustain the same level of growth it saw in 2023.
