Electric Vehicles Face a ‘Pretty Dreadful Year’ in the U.S.
A federal tax credit for electric vehicles spurred a surge in sales, but its expiration is expected to lead to a decline. Automakers are adjusting by slowing production and focusing on gasoline and hybrid vehicles. Despite challenges, industry executives believe electric vehicle sales will eventually grow again, especially if affordable models become available.
US electric vehicle sales are poised for a downturn following the expiration of the $7,500 federal tax credit. In response, manufacturers are scaling back EV production and delaying new models, pivoting back toward gasoline vehicles.
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