OPINION | This article contains commentary that reflects the author's opinion.
Major announcements have come from Tesla, General Motors, and Ford, all three of whom have decided to slow production of electric vehicles (EV), due to fear of economic recession slowing EV demand below supply.
“People hesitate to buy a new car if there’s uncertainty in the economy,” Elon Musk stated on a call.
“I don’t want to be going into top speed into uncertainty.”
Ford has revealed plans to cut one third of its shifts at the F-150 Lightning EV pickup truck plant, as the company shifts focus to commercial vehicles and hybrid options.
“If interest rates remain high — it’s that much harder for people to buy the car. They simply can’t afford it,” Tesla founder Musk pressed.
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