Electric vehicle industry faces challenges as demand slows

The electric vehicle industry, once hailed as the future of the auto industry, is showing cracks as demand begins to slow. General Motors and Honda have abandoned their agreement to produce affordable lower-priced EVs, while Hertz is scaling back its big EV plans due to high costs of maintenance. The industry is realizing that mainstream consumers are not fully buying into the electric future yet, mainly due to high price points. This slowdown in demand was unexpected, as the industry assumed that early adopters would pave the way for mass adoption. The auto industry is now facing challenges in making electric vehicles more affordable and addressing concerns over the lack of charging infrastructure.