Patrick Boyle On Finance Is Electrification Killing the Auto Industry?
Jan 8, 2025
The auto industry is at a crossroads as the excitement over electric vehicles fades. Major manufacturers are scaling back their ambitious EV plans, dealing with waning consumer interest. The challenges are compounded by a skills gap for workers transitioning to electric production and complex battery supply chains. Voter skepticism towards net zero policies adds another layer of uncertainty, raising questions about job losses and the industry's future. Could the push for electrification be jeopardizing the very industry it aims to revolutionize?
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Tesla's Declining Sales
- Tesla's sales declined for the first time in over a decade, despite a stock price increase.
- Investors may be overestimating Tesla's future growth, focusing on long-term projects rather than current sales.
Stellantis' Struggles
- Stellantis, formed by a merger, faced declining revenues due to several factors.
- These included weak demand, Chinese competition, and uncertainty around electric vehicles.
Dodge's Electric Shift
- Dodge, known for its V8 engines, switched to electric vehicles.
- The new electric Charger received mixed reviews; slower than a Tesla Model 3 but has novelty speakers.