US EV Sales In 2024 To Reach Only 9% Amid Slower Growth, Marking A Significant Drop From 12% Estimate: Report
Portfolio Pulse from Benzinga Neuro
US EV sales are projected to reach only 9% in 2024, down from a 12% estimate, due to slower growth and increased competition from gasoline vehicles. Ford and GM are adjusting strategies, impacting the EV battery supply chain. Long-term EV market outlook remains optimistic.
August 29, 2024 | 12:49 pm
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Ford cancels a planned electric SUV and delays a new electric F-150, focusing on cost-cutting to boost demand amid slower EV sales growth.
Ford's decision to cancel and delay electric models indicates a strategic shift due to slower EV sales growth, likely impacting its stock negatively in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
General Motors postpones or cancels new electric models to avoid investments in slow-selling vehicles, reflecting cautious EV market outlook.
GM's postponement or cancellation of electric models suggests a strategic response to slower EV sales, potentially impacting its stock negatively in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 70