Janice R. Andrews
As the U.S. car industry works to have an all-electric fleet by 2035, customer tastes and the state of the economy start to become more real. Even though electric cars (EVs) offer a cleaner future, many people haven’t bought one yet because of the high price. Hybrids, which combine gas and electric power, are becoming more popular among buyers instead of all-electric cars.
Making EVs more cheap is the key to getting more people to buy them. Buying a new car has become more expensive as interest rates and insurance rates have gone up. This has made the EV market even more difficult. But interest rate cuts might make things easier on people’s wallets, which would make EVs a better choice for many people.
Tesla, which is a star in the electric vehicle (EV) market, is changing its strategy to focus on lowering prices to make its cars easier for regular people to buy. Adding more models is still a goal, but making them more affordable is now the main objective. Toyota’s latest scandal hasn’t had much of an effect on sales, and the company is still having trouble keeping enough supplies on hand.
The car industry is clearly on the rise again in Detroit, and big investments like fixing up Michigan Central Station are expected to help the business grow. But trade strategies are still a worry. It’s possible for Chinese automakers to build factories in Mexico to avoid U.S. taxes, which could make the market even more complicated.
The move to electric vehicles will be shaped by customer decisions, the economy, and changing policies as the industry deals with these problems.
