Here from the WSJ is our quote of the day, and you can’t say we didn’t tell you so:
“As sales growth has slowed for battery-powered models, automakers and dealers are slashing prices and piling on discounts to clear out unsold inventory.
Some automakers, such as Hyundai Motor and Ford Motor, are this month offering cash rebates as high as $7,500 on some models. Others are resorting to aggressive lease deals that offer cheaper monthly payments or shorter contract lengths to attract buyers. Many car companies are offering low-interest rate promotions in an attempt to make pricey EVs more affordable. Dealers say part of the problem is that a wealthier group of early EV adopters have already purchased a vehicle. Now, the industry is confronting a more reticent group of consumers, who are already being squeezed by high interest rates and rising costs.”
Will someone PLEASE buy these EVs?
Here is our question: how are Ford and GM going to stay in business when they are already losing thousands of dollars for every EV produced and sold. Now they have to sell them at a deeper loss? Meanwhile, they have just given big raises to the United Auto Workers union.
Smells to us like yet another multi-billion dollar taxpayer bailout of the auto industry is coming our way.