Applications

Applications

Electric Vehicles | Passenger BEVs

Electric Vehicles | Passenger BEVs

Applications

Mixed pullback in EV output; OEMs cite slow demand but reality is more complex Polestar (China) Lowers 2023 production guidance and will cut headcount by 10%, 'citing delayed production start for Polestar 3 and challenging industry environment’

May-23

Oct-23

Ford (USA)

Honda/GM (USA)

Idling one of three shifts for F-150 Lightning, 'citing multiple constraints such as supply chain issues'. Also reducing output for Mustang Mach-E.

Honda halting plans to develop smaller EVs with GM, ‘citing cost and range challenges’

Oct-23

Oct-23

Tesla (USA, global) CEO says high interest rates and macroeconomic situation making it difficult for consumers to afford new vehicles; Tesla is in no rush to build new Mexico assembly plant

Oct-23

Ford (USA)

2024 production plan for F-150 Lightning cut by half (75k down from 150k)

Nov-23

Dec-23

Volkswagen (Germany)

GM (USA)

Mercedes-Benz (USA)

Toyota (Global)

Suspended production for ID.3 and Born in two plants for 2 weeks in October, 'due to weak demand'

Delayed production of Silverado and GM Sierra EVs to late 2025 'citing EV demand and engineering upgrades'

CFO says EV adoption rate lower than expected; US dealers complaining of slow-selling EVs piling up on lots

Cuts EV sales forecast for FY24 by 32%, from 202k down to 123k, citing profit drive

Wave of production cutbacks and watering down of EV targets cited from legacy automakers burdened with ongoing transition to EVs, large capex commitments and profitability concerns

Industry is also dealing with interest rates, high inventories, workforce strikes (US), concerns over residual selling value, and competitive environment from continuous price cuts and stronger ‘pure-play’ manufacturers

Extracted from the PDF; charts and images may read imperfectly.