The auto industry's cooling stance on EVs will lead to a significant reduction in electric vehicle production by 2030, from 27 million to 23.7 million units.
BNEF analysts caution that while automakers individually set goals, their collective scaling back poses significant challenges for the future of the EV market.
Despite a slowdown in growth, global EV sales are still on an upward trend, although the reluctance is greater than many industry observers had predicted.
Automakers have tempered their EV ambitions amid concerns over a lack of demand, leading to fears of falling behind major players like BYD.
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