Posted on 10/26/2023 3:16:12 PM PDT by thegagline
With signs of growing inventory and slowing sales, auto industry executives admitted this week that their ambitious electric vehicle plans are in jeopardy, at least in the near term.
Several C-Suite leaders at some of the biggest carmakers this week voiced fresh unease about the electric car market's growth as concerns over the viability of these vehicles put their multi-billion-dollar electrification strategies at risk.
Among the surprising hand-wringing is GM's Mary Barra, historically one of the automotive industry's most bullish CEOs on the future of electric vehicles. GM has been an early-mover in the electric car market, selling the Chevrolet Bolt for seven years and making bold claims about a fully electric future for the company long before their competitors got on board.
But this week on GM's third-quarter earnings call, Barra and GM struck a more sober tone. The company announced with its quarterly results that it's abandoning its targets to build 100,000 EVs in the second half or this year and another 400,000 by the first six months of 2024. GM doesn't know anymore when it will hit those targets.
***
While GM's about-face was somewhat of a surprise to investors, the Detroit car company is not alone in this new view of the EV future. Even Tesla's Elon Musk warned on a recent earnings call that economic concerns would lead to waning vehicle demand, even for the long-time EV market leader.
Meanwhile, Mercedes-Benz — which is having to discount its EVs by several thousand dollars just to get them in customers' hands — isn't mincing words about the state of the EV market.
"This is a pretty brutal space," CFO Harald Wilhelm said on an analyst call. "I can hardly imagine the current status quo is fully sustainable for everybody."***
(Excerpt) Read more at businessinsider.com ...
Both those laws are racist and homophobic !
compare all-in cost per mile. Ya know? Like an accountant?
What is the all-in cost per mile of your BEV?
No cheating - Like, don’t leave out auto insurance.
Then there’s Boyle’s Law........
Good one. Takes me back aways
Good, because the mandates and the lack of electrical resources to support all of those EVs will bring about disaster. I am on the expressays of Chicago a couple of times a week and I rarely see them, and when I do they are overwhelmingly Teslas. Maybe the dogs just don’t like the dog food, and for a lot of good reasons.
But electric cars still make up just 1% of cars on our roads.
46% of Americans remain unlikely to consider an electric car for their next vehicle."
https://sensiblemotive.com/electric-car-statistics/
EVs:CFLs::Hydrogen Cells:LEDs
“They shouldn’t have engaged in these plans to begin with.”
I’ll bet their plans have always included a cheap switchback of their plants to conventional cars.
A few weeks ago there was a story about two German automakers ceasing production of several EV lines. If you bothered to read the details, you learned that the German government just ended the subsidies. There is no ‘market’ for these products. It is like one large Solyndra. Wherever the government pays to make the product with taxpayer dollars, the company will make the product until it runs out of taxpayer dollars. Then they will continue to make products the private sector will purchase.
Unfortunately, most people in Congress are too stupid to know that such a law exists. 🙄
I have a lot of energy engineers friends on board for EVs
I have been trolling them for some time. They should have been the ones blowing the whistle.
Our (my family’s) biggest problem with EV’s is that there was no evidence of a plan to upgrade transmission lines or add additional generation. No trust in the government to do this. So we bought a hybrid and are pretty happy with it.
Its a part of the Great Reset. Eliminate gasoline engines and make people buy expensive electric vehicles. Being so expensive will push people away from private ownership and push them to public transportation. Eliminate gas stoves, heaters, lawn mowers, etc. and force dependence on electric appliances. The kicker, they will be able to control your use of electric ... smart meters!
Well, duh!
GM’s Mary Barra is a total idiot.
??? LOL. Your math is off. You can't drive 300 miles for $6.75.
BereanBrain math is way off.
brilliant!
excellent!
a little glitch in the plan to destroy gas cars
and force everyone onto public transportation
bingo!
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