Why EV sales have slowed

In October 2023, it took nearly twice as long to sell an EV in the U.S. as it did in January. Prices of EVs are down 22% year-over-year and that’s mainly driven by Tesla. About two thirds of total EVs sold are from Elon Musk’s brand. Companies like Ford have ramped up hybrid production as demand for electric has leveled off. While slightly more than half of consumers say EVs are the future and will eventually replace ICE vehicles, less than a third of dealers say so. So what’s really going on?