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Industry pain abounds as electric car demand hits slowdown

ReutersReuters · 9m
Industry pain abounds as electric car demand hits slowdown

The global slowdown is causing challenges for automakers and suppliers in the electric vehicle (EV) industry. This includes bankruptcies, scrapped IPOs, and production cuts. Investment in capacity and technology has outpaced actual EV demand, leading to cost-cutting measures. GM and Ford have both reduced their EV production targets due to slower growth rates. Consumer anxiety, limited charging infrastructure, and battery issues are contributing to a slower adoption curve. Suppliers like CATL and Albemarle are also facing challenges as demand slows. EV startups are particularly affected, with several experiencing financial difficulties. Despite the near-term setbacks, automakers are still placing long-term bets on EVs.

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