Tesla and other U.S. automakers are struggling to compete with cheaper Chinese alternatives for electric vehicles as consumer demand for them has taken a dip.
FILE - The logo for the Tesla Supercharger station is seen in Buford, Ga, April 22, 2021. Tesla and other U.S. automakers are struggling to compete with cheaper Chinese alternatives for electric vehicles as consumer demand for them has taken a dip in recent months, hurting the outlook for theMultiple companies scaled back or delayed their plans to roll out more electric offerings earlier this year after sales widely underperformed expectations.
Tesla’s position as the top EV manufacturer is facing intense competition domestically and abroad. All the major U.S. automakers have ramped up production and offerings of their electric lineup as the Biden administration tries to get America to make the switch to an all-electric fleet as part of its climate change agenda.
“Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth. The wave of investment in battery manufacturing suggests the EV supply chain is advancing to meet automakers’ ambitious plans for expansion. As a result, the share of EVs on the roads is expected to continue to climb rapidly,” IEA executive director Fatih Birol said. “This shift will have major ramifications for both the auto industry and the energy sector.
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