Promising EV Brands Struggle Despite Strong U.S. Market

Some of the recent darlings of the EV market, including Kia and Rivian Automotive, are off to a slow start this year due to supply chain issues, softening demand and the loss of the federal EV tax incentive because of tougher eligibility rules, according to an Automotive News report.

Overall, EV registrations grew 72 percent in the January to April period, according to Experian, driven primarily by Tesla, with 52 percent growth and a 60.8 percent share of the electric-car market. Non-Tesla brands split the rest of the EV market among 24 marques.

Total EV registrations in the four-month period reached 348,258 for 7 percent of the light-vehicle market, compared with 4.4 percent in the year-earlier period.

Read the full Automotive News report.

Source: https://rvbusiness.com/promising-ev-brands-struggle-despite-strong-us-market/