"NIO, XPEV, LI, BYD.. China's Quads Message Board

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Technology Stocks : "NIO, XPEV, LI, BYD.. China's Quads

BYDDF 11.95

-0.9%

Dec 23 3:41 PM EST

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From: roto	10/27/2023 12:29:11 PM
	of 2786

reality in the EV nutshell.. Bad vibes are rippling through the electric car market Ben Geman , author of Axios Generate Illustration: Aïda Amer/Axios Auto execs and analysts are getting less bullish on the pace of EV demand growth — and fretting more about tough economics of competing in the market. Why it matters: Automakers have made expensive bets on an electric future, and the tech is a weapon against carbon emissions, too. Driving the news: Ford said Thursday it's slowing the pace of EV and battery manufacturing investments amid lower-than-expected demand. The company isn't changing the total spending target but will "push out" about $12 billion of those investments, CFO John Lawler told reporters. Catch up fast: Among the growing bad vibes... General Motors this week scrapped its target to produce a cumulative 400,000 EVs from 2022 through the first half of 2024. CEO Mary Barra told analysts GM is "taking immediate steps to enhance the profitability of our EV portfolio and adjust to slowing near-term growth." Tesla CEO Elon Musk told analysts last week that he's worried about the effects of interest rates. What they're saying: The U.S. EV market is "definitely seeing"slowing demand, iSeeCars.com executive analyst Karl Brauer said via email. He cites general economic concerns and interest rates that affect large purchases overall. EV-specific factors include higher average costs than gas-powered models and many consumers lack of familiarity with the tech. "I see EV sales plateauing and even falling over the next 6 months," Brauer predicts. Threat level: "Investors have been too optimistic about EV demand growth?.?.?.?slowing demand growth is coming sooner than expected, especially in the high-end EV market," said Lee Hang-koo of Korea Automotive Technology Institute tells the Financial Times. What we're watching: The next rounds of aggregate sales data from analysts. EVs were 7.9% of U.S. light duty sales in Q3, up from 7.2% in Q2, per Cox Automotive. And when the auto strike ends, how will the union agreement with Ford — and eventual deals with GM and Stellantis — affect their EV economics? The bottom line: The EV transition is happening, but good luck predicting how fast it unfolds. Joann Muller contributed reporting axios.com

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