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Photo: Volvo Media.
Photo: Mercedes Media Newsroom.
Photo: Courtesy of Tesla, Inc.
The company hit a major roadblock in August 2024 when it announced a delay in the construction of a $3.5 billion battery plant in Marshall, Michigan. The delay, which The New York Times reported, was prompted by a mix of labor concerns and skyrocketing costs associated with building the facility.
Photo: Ford Media Center.
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.
According to Handelsblatt, the German automaker will instead shift its focus toward mid-sized and smaller electric models, which are more popular with consumers and easier to produce at scale.
Photo: Mercedes Media Newsroom.
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.
Volvo, another automaker with significant EV ambitions, has also dialed back its plans in recent months. In early September 2024, the Swedish automaker announced that it was scaling back its electric vehicle goals, citing high production costs and uncertain market demand.
Photo: Volvo Media.