I could only laugh when recently I read an article titled: EV sales growing. So why are automakers getting cold feet?
Seriously? You need to ask that question? Where’s Captain Obvious when you need him?
They are backing away for three reasons:
- Sales are not growing at the optimistic pace that the industry touted.
- The effort to transition to EVs is costing them boat loads of money and impacting their bottom lines. Note: these are all public companies rightly or wrongly focused on stock value.
- The market is telling them, at least at the moment, that hybrids are a preferred alternative.
It’s that simple.
Here’s my advice to EV advocates: stop trying to spin the sales growth of EVs. Yes, sales are growing, but not fast enough to warrant massive investments by automakers. Stop making excuses for the shortcomings in the market. Try fixing the problems. China managed to get it right. Perhaps EV advocates can learn a thing or two from China.
Check out today’s presentation for the good and bad in the EV market and why China dominates.
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