Some 18 Automakers Are Walking Away from EV Plans Following Loss of Subsidies! Who Knew?

Robert Bradley reveals the collapse of EV plans.

Guest Post by Robert Bradley, Jr. at the Institute for Energy Research.

“After years of rapid growth,” a recent article in Autoblog stated, “the electric vehicle boom is hitting turbulence.” The article, “These 18 Automakers Are Walking Away from EV Plans,” continues:

With demand slowing and incentives fading, at least 18 automakers are now canceling, delaying, or scaling back EV plans in the U.S., including major brands like Ford, Honda, Nissan, and Volkswagen.

• U.S. automakers are scaling back EV plans due to falling demand and expiring tax credits.

• Multiple brands have canceled, delayed, or removed EV models, impacting workers and lineups.

• Even industry leaders like Ford, Tesla, and GM are revising strategies or discontinuing high-profile EVs.

After growing nearly eightfold between 2019 and 2023, demand for battery-electric vehicles flattened out last year, then took a dive off a cliff after federal tax credits phased out at the end of September. That’s sent an array of automakers scrambling to rethink their EV programs and, by Autoblog’s count, at least 18 brands have now decided to drop existing models, scrap upcoming plans or, at the least, stretch their launches out, hoping to see demand rebound.

The carnage continues.

Honda became the latest to join the exodus on Thursday, CEO Toshihiro Mibe telling reporters in Tokyo that the automaker needed to ‘stop the bleeding,” as it prepared to report losses that could reach more than $15 billion for the fiscal year. While it will move ahead with the launch of the new 0 Series Saloon and SUV models in some parts of the world, they now won’t come to the U.S., nor will the Acura RSX.

Who else is on the list? Here’s the latest list we could pull together…but don’t be surprised if some other brands join the club in the near future.

The eighteen? Here they are in alphabetical order; detail for each is provided by Paul Eisenstein, editor of Autoblog.

• Acura;

• Chevrolet;

• Dodge;

• Ford;

• Genesis;

• Honda;

• Hyundai;

• Infiniti;

• Kia;

• Lamborghini;

• Land Rover;

• Maserati;

• Nissan;

• Polestar;

• Porsche;

• Ram;

• Tesla;

• Volkswagen

Busted! Just like the US rooftop solar industry, the domestic EV business, so heralded and subsidized by previous administrations, is in steep decline. The domestic battery industry is following suit, the subject of tomorrow’s post.

#EVs #MasterResource #Bradley #Climate #ClimateChange #EVsales #Energy #Subsidies