See Lucid Is Latest EV Maker to Cut Prices as Demand Ebbs: Pricing pressure hits unprofitable electric-vehicle startups hard by Sean McLain of The WSJ. Excerpts:
"Some electric-vehicle startups are making another round of price cuts to get more buyers interested amid softer-than-expected sales."
"The auto industry’s overestimation of EV demand during the past year contributed to a wave of price reductions and discounts designed to jump-start sales. Tesla—the top-selling EV company in the U.S.—as well as General Motors, Ford Motor, Hyundai Motor and Kia all cut prices as the pace of EV sales slowed."
"U.S. EV sales continue to rise, but the pace has slowed over the past year. Auto executives have said demand hasn’t evolved as quickly as expected, prompting some to delay factory expansions and other investment plans.
High prices are commonly cited in consumer surveys and by dealers as a major factor deterring potential EV customers. Electric models can run several thousand dollars more than comparable gasoline-powered cars, primarily because of the high cost of the battery."
"Several analysts have downgraded their outlook for EV startups in recent months amid concerns that price cuts combined with weak customer demand will make it harder for them to compete."
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