Bad vibes are rippling through the electric car market

Share on linkedin Auto execs and analysts are getting less bullish on the pace of EV demand growth — and fretting more aboutAutomakers have made expensive bets on an electric future, and the tech is a weapon against carbon emissions, too.Ford said Thursday it's slowing the pace of EV and battery manufacturing investments amid lower-than-expected demand.

The company isn't changing the total spending target but will "push out" about $12 billion of those investments, CFO John Lawler told reporters.General Motors this week scrapped its target to produce a cumulative 400,000 EVs from 2022 through the first half of 2024. CEO Mary Barra told analysts GM is "taking immediate steps to enhance the profitability of our EV portfolio and adjust to slowing near-term growth."What they're saying:slowing demand, iSeeCars.com executive analyst Karl Brauer said via email.EV-specific factors include higher average costs than gas-powered models and many consumers lack of familiarity with the tech."Investors have been too optimistic about EV demand growth . . .

Source: News Formal (newsformal.com)

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