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The Switch to Electric Vehicles Was Always Going to Be a Slog

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EV sales are slowing globally, but experts still say there’s room for optimism.

This year’s headlines on electric vehicles have been a bummer. As the world races away from fossil fuels, which are driving up global temperatures and causing catastrophic climate change, EV manufacturers are still having a hard time getting drivers into greener vehicles. Ford is shutting down a production line on its F-150 Lightning. General Motors has halted sales on its new electric SUV after the vehicle had software issues, and the company has delayed production of three other electrics.

Lower costs could be great for car buyers there , but they raise shorter-term questions about profitability. In the US, analysts say consumers have balked at automakers’ pricier electric offerings. Though the gap is closing, the average electric vehicle transaction is still more expensive than the average gas-powered one. It doesn’t help that 2024 began with discontinuation of the US market’s most affordable EV, the $26,500 Chevy Bolt.

 

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