Why Has the EV Market Stalled?
Surprisingly, the EV market has stalled in recent years. Why? Because the market has reached a difficult point in the technology-adoption lifecycle. Specifically, automakers and policymakers alike can no longer make plans based on what early adopters of EVs want. Instead, if they want to boost sales and reach a much broader segment of the market, they’re going to have to cater to a different set of interests and concerns — which will probably mean offering consumers more hybrids and plug-ins as a bridge to an all-electric future.
A couple of years ago, we seemed to be hurtling toward an electric-car future. Tesla had reached a trillion-dollar market cap; Hertz had signed a $4 billion deal with Tesla to supply cars for its rental fleet; the Biden Administration had announced plans to make EVs comprise 50% of all new vehicles sold by 2030; and GM had committed itself to achieving 100% EV sales by 2035.
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