Electric Vehicle Growth Slows Amid High Prices and Infrastructure Concerns

Major automakers reevaluate strategies as dealers express concern over unrealistic electrification mandates.

Despite hitting record sales in the U.S. this year, the growth of electric vehicles (EVs) is slowing down, falling short of the auto industry's ambitions to transition away from combustion engines.
Factors such as high average transaction prices, falling gasoline prices, and concerns over vehicle range and charging infrastructure are contributing to the slowdown.
Ford Motor Co. and General Motors have recently announced delays in their EV strategies due to these challenges.
Several thousand auto dealers across the U.S. have expressed their concerns over the shift to EVs in a public letter to President Joe Biden, stating that electrification mandates are unrealistic based on current and forecasted customer demand.
Despite these challenges, some industry experts believe that the current roadblocks are temporary and that the larger issues are being addressed.