A year ago, auto industry analysts predicted that U.S. sales of new electric vehicles (EVs) would rise to as many as 1.6 million in 2023. That didn’t happen. While EV sales easily set another record, they likely totaled no more than 1.3 million for the full year.
Manufacturers, watching inventories of unsold vehicles ominously grow, are second-guessing themselves. Market leader Tesla repeatedly slashed prices to boost sales. General Motors and Ford are delaying EV investments and production. And the chairman of Toyota, which has opted for plug-in hybrids over all-electrics, is grinning with schadenfreude.
