Major Automakers Scrap EV Models After U.S. Sales Jumped 60% in 2022
Updated
Updated · The New York Times · Jul 15
Major Automakers Scrap EV Models After U.S. Sales Jumped 60% in 2022
3 articles · Updated · The New York Times · Jul 15
Summary
Ford, GM, Volvo, Dodge, Honda, Nissan and Acura have canceled or delayed a widening list of U.S.-focused EV projects as executives conclude many models cannot be sold profitably.
Profit concerns centered on costly clean-sheet vehicles with large batteries and weaker-than-expected customer demand, prompting Ford to first delay and then kill a 350-mile electric SUV unveiled in 2023.
Ford also retired the electric F-150 Lightning, while GM delayed a Buick EV SUV, Volvo scaled back an all-electric U.S. lineup, and other brands scrapped pickups, sedans and plug-in hybrids.
The pullback marks a sharp reversal from 2021-22, when U.S. EV sales rose from about 490,000 to more than 800,000, helped by federal charging investment and a $7,500 consumer tax credit.