The auto industry’s push to boost sales of electric vehicles is running into a cold, hard reality: Buyers’ interest in these models is proving shallower than expected.
While EV sales continue to grow—rising 51% this year through September—the rate has slowed from a year earlier and unsold inventory is starting to pile up for some brands.
Some car companies, such as Ford Motor F -1.58%decrease; red down pointing triangle and Toyota Motor TM -2.16%decrease; red down pointing triangle, are tempering their expectations for EVs and shifting more resources into hybrids, which have been drawing consumers at a faster clip.
The first wave of buyers willing to pay a premium for a battery-powered car has already made the purchase, dealers and executives say, and automakers are now dealing with a more hesitant group, just as a barrage of new EV models are expected to hit dealerships in the coming years.
[I know y’all can hear me snickering from here… Have a terrific rest of your Sunday! ~ Beege]
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