As the year closes, legacy automakers as well as Tesla (TSLA.O), Rivian (RIVN.O) and other EV startups are throttling back investments and reworking product strategies. Legacy automakers are appealing to policymakers for more help to offset the high costs of the EV transition, on top of billions of dollars already pumped into EV subsidies. In China, Europe and the United States - the main EV markets - electric-vehicle demand is still growing faster than demand for vehicles overall. Global EV production is on track to triple by 2030 to 33.4 million vehicles, about a third of total production, according to AutoForecast Solutions. For most legacy automakers, that has so far proven impossible.

Source: Punch December 11, 2023 12:56 UTC