Automakers Reassess Electric Goals as Costs Exceed Expectations

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Electric vehicles (EVs) were once heralded as the inevitable future of the automotive industry, with automakers rushing to announce bold plans to electrify their lineups.

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But as 2024 unfolds, it’s becoming clear that this future may not arrive as quickly as once expected.

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While consumer demand for electric vehicles remains strong, the reality of scaling EV production has proven far more complicated than anticipated.

Ford’s Battery Plant Delay and Mixed Results

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GM: Rising Sales, Declining Profits

[{"selector":"#anim-fc2a9c18-b8b7-4fba-ac99-07d7a7792db0","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-18e410ed-7fb3-47c9-a4c4-84108571ef76","keyframes":{"transform":["translate3d(-115.14196%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-68ee145c-0dec-4bbb-a2e5-b1de8a2d966d","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-378089c6-a624-421e-9a0c-fb7f5f645f96","keyframes":{"transform":["translate3d(-114.81482%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] General Motors (GM), another major player in the EV transition, is also grappling with the tension between rising electric vehicle sales and profitability challenges. GM saw its U.S. EV sales surge 43% in Q2 2024, driven largely by demand for the Chevrolet Bolt EV, as reported by InsideEVs . Photo: GM Pressroom. Learn more

Mercedes-Benz: Shifting Gears on Luxury EVs

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Tesla: A Surprising Revenue Boost

[{"selector":"#anim-dde50405-9c4d-474d-8647-60752d940c35","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2cfa1845-dccf-4511-a768-e726663020cc","keyframes":{"transform":["translate3d(-114.81482%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a9fb4943-ee45-4833-a678-f9fb15103231","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-166d8007-dffa-451b-bfd5-9cf7fcaba808","keyframes":{"transform":["translate3d(-115.18988%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] While many traditional automakers are pulling back or adjusting their strategies, Tesla continues to thrive in the electric vehicle market. The EV giant posted a surprising 47% increase in Q2 2024 revenue, reaching $24.93 billion, according to Reuters . Photo: Courtesy of Tesla, Inc. Learn more

Volvo: Scaling Back Ambitions Amidst Market Uncertainty

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