EV Projections are changing for some companies like:

• Polestar: Lowered production predictions from 80K to between 60-70K
• Lucid: Lowering projections from 10-14K closer to 10K
• Fisker: Lowered projections from 42,400 to between 32- 36K
• Nikola: Pausing production
• Lordstown Motors: Anticipates ending production in the near future.

7 reasons for lowered EV production expectations for 2023:

1. Supply chain disruptions: The global supply chain has been disrupted by the COVID-19 pandemic and the war in Ukraine; which has made it difficult to get the parts for manufacturing.
2. Costs: The cost of batteries and other components has been rising in recent years, making it more expensive to build.
3. Competition: The electric vehicle market is heating up. This is making it more difficult for EV startups to stand out from the legacy auto crowd.
4. Long wait times for reservations: As EV demand has grown, so have wait times for reservations. Consumers often choose other vehicles that are available sooner.
5. Limited availability of charging stations: Even though rapidly expanding, availability of charging stations is still a barrier.
6. High purchase price: The purchase price of EVs is still higher than that of ICE vehicles.
7. Government Incentives: Have played a major role in the growth of the EV market. Qualifications will change and/or phase out, so check with your Govt/Country.

Keep in mind that the EV market is still in early stages, and production will continue to increase in the coming years. The current challenges could slow down the growth in the short term.

Go electric ✌️