As a former European Automotive correspondent for Reuters, I’ve a spent a few years writing about the industry. I will penetrate the corporate hype and bluster and find out how these gigantic enterprises are really doing. I also love to drive their magnificent machines, and their more modest ones. I’ll be telling you if the technology works, too.
Automakers face an electric car reality check as over-ambitious sales targets crash into cash-conscious consumers operating in the real world.
But for all the panic and confusion, forecasters like Schmidt Automotive Research , which had already pointed to a 2024 plateau, expect a strong resumption in sales between 2025 and 2030. Investment bank UBS, after pointing to the slowdown, also retains a strong European forecast up to 2030. The warning signals were raised late last month when Ford Motor reported big losses from its EV business, citing pressure from a price war sparked by Tesla. Ford cut production of itsand scaled back its $12 billion EV investment plan. General Motors abandoned its target to build 100,000 EVs in the 2half of 2024. GM and Honda ended a planned cooperation deal to make cheaper EVs. Mercedes conceded having to slash prices to move its EVs and said the consumer adoption rate was lower than expected.
Investment researcher Jefferies, in mid-October, forecasted European EV sales of 2.1 million this year, 3.0 million in 2024, 4.8 million in 2025 and 9.3 million in 2030.
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