EV euphoria is dead. Automakers are scaling back or delaying their electric vehicle plans

March 14, 2024

Andrew Merry | Moment | Getty ImagesDETROIT — The buzz around electric vehicles is wearing off. Automakers from Ford Motor and General Motors to Mercedes-Benz , Volkswagen , Jaguar Land Rover and Aston Martin are scaling back or delaying their electric vehicle plans. A VW ID.BUZZ EV vehicle Scott Mlyn | CNBC"These technologies exist within the VW group, whether it's hybrids or plug-in hybrids," he said. "Moving on to less tech-savvy buyers will slow the EV market share growth over the next few years." "Toyota is almost completely absent from the [battery electric vehicle] market yet will gain more U.S. market share than any other car company this year.