"New vehicle sales remain stuck in neutral," said Chris Hopson, principal analyst at S&P Global Mobility. "The overall tenor of the auto demand environment remains one of consistent, but unmotivated volume levels as consumers in the market continue to be pressured by high interest rates and slow-to-recede vehicle prices, which are translating to high monthly payments."
The rapid growth of BEV sales in the US was, until recently, mostly a tale about Tesla. During the pandemic, it flourished, as car buyers could order their Tesla online, and the automaker displayed far more flexibility over supply-chain hiccups than its legacy rivals. Sales soared, but not as much as the share price.
Ambitious goals for the end of internal combustion engine sales in Europe and the US started looking shakier last year. In 2024, that turned into full-blown EV pessimism from across the industry.
General Motors was one of the first to get cold feet. Technical problems slowed the launches of new BEVs from Cadillac, Chevrolet, and GMC, and in late January, GM announced that it was shifting some resources away from BEVs and toward a new range of plug-in hybrids despite having previously abandoned its innovative and efficient PHEV powertrain technology.
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