More US Automakers Abandon Their EV Plans
With more American automakers phasing down their electric vehicle production ambitions, America’s fledgling battery electric vehicle (BEV) sector is contracting at a notable pace. The early years of EV production in the country were filled with hope for the industry’s future, largely driven by Tesla and its game-changing electric Roadster. However, merely 2 decades after Tesla kickstarted the modern electric vehicle race, American firms are bowing out of the burgeoning industry. Low demand, high costs, and rising living expenses in the U.S. contributed to the initial decline in U.S. electric vehicle sales. The resulting shock was so jarring that nearly every established American carmaker lowered their electric vehicle ambitions. Planned investments were cut, models…