Car Companies Are Suddenly Super Worried About the Future of EVs

If electric vehicles are going to be the eco-friendly future of cars, their popularity with buyers right now isn't quite reflecting that.

Domestically, one of the biggest automakers to sound the alarm was General Motors. At an earnings call this week, the company said that it'sto build 100,000 EVs in the second half of this year, and 400,000 by the first half of 2024. It has not stated new targets, and says that it does not know when it will hit its previous ones.

"As we get further into the transformation to EV, it's a bit bumpy," GM CEO Mary Barra said at the earnings call, as quoted bya dip in its third-quarter earnings, blaming price cuts and supply chain issues, though it stressed that it wasn't shifting its EV targets.

Chairman of Toyota Motor Akio Toyoda said that with the drop in demand for EVs in the US, the industry is having a reckoning about the technology.Despite all the gloomy talk, it's worth noting that EV sales are actually still growing. In the first half of 2023, sales climbed by 51 percent,. Instead, what's giving automakers pause is that the pace of that growth has flattened, down from the heady 71 percent climb in the latter half of 2022.

All told, it's too soon to sound the death knell on the tech — but it's worrying that it's the automakers themselves that are doing the doomsaying.

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