"Honda announced it would scrap plans for three electric models it had planned to produce in the United States and that it would record its first annual loss since it listed its stock publicly in 1957."
"Sales of electric vehicles in the United States have slumped after Republicans in Congress and President Trump killed incentives for E.V.s and gutted clean air standards, prompting many carmakers to cancel or delay plans for electric models."
"Rivian and Lucid, U.S.-based carmakers that sell only electric vehicles, provided details about models that would be priced under $50,000 and threaten to steal customers from established rivals."
Traditional automakers are facing significant challenges in the electric vehicle market, with companies like Honda, Ford, General Motors, and Stellantis canceling or delaying electric vehicle plans. Honda announced it would scrap three electric models and report its first annual loss since 1957. In contrast, start-ups Rivian and Lucid are introducing electric models priced under $50,000, potentially attracting customers from established brands. The U.S. electric vehicle market has slowed due to policy changes and the focus on more profitable pickups and SUVs, impacting the profitability of electric vehicle production.
Read at www.nytimes.com
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