Electric Vehicles Hit the Growing Pains Stage

This roundup of recent electric vehicle industry headlines rounds out current perspectives on electric vehicle adoptions.

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May 16, 2023

Electric Vehicles Hit the Growing Pains Stage — Among the members of the EV hot startup club, Canoo, maker of an electric pickup truck, has seen its stock plummet by 96% in less than three years, similar to the declining fortunes of other non-major EV manufacturers. If you had invested $1,000 when Canoo completed its special purpose acquisition company (SPAC) merger in late 2020, you would now have a bit less than $40.
Photo: Canoo

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While fleets run on different routes and schedules than consumers, they face many of the same challenges and hurdles when considering electric vehicles.

Recent developments in the electric vehicle world point to growing concerns and skepticism among prospective EV buyers, as the initial burst of rosy outlooks and idealistic green visions yield to the facts on the ground. Here's a recent roundup of the emerging EV hesitation:

Electric Vehicle Stocks Tanking

2022 was a dismal year for much of the market, and electrical vehicle (EV) stocks didn't escape the pain. Valuations compressed across the sector as interest rates rose and fears of a recession increased. Manufacturers also faced several sector-specific headwinds, including rising lithium prices, supply constraints, and competition from legacy automakers.

EV stocks got crushed across the board last year. Though investors hope the sector will experience a comeback in 2023, that seems unlikely to materialize this year.

Find out more in this article from The Motley Fool

Why are More Americans Avoiding EVs?

Meanwhile, Americans are getting more divided on electric vehicles. While EVs gain market share, an increasing number of motorists say don't want one as their next car. The reasons include: Long charging times, lack of charging stations, and high pricing.

More reasons from Business Insider

Electric Vehicles Hitting a Brick Wall

Those sentiments came out of a J.D. Power study, called the E-Vision Intelligence Report report released May 1, that finds market share for EVs declined in the first care, characterizing it as a "brick wall" instead of a "speed bump." The percentage of those consumers saying they're “very likely” to consider an EV has stagnated at around 27% for the last few months.

More stats and details on study in this Forbes report

Lordstown Motors Skidding Out?

And in another ominous sign, Lordstown Motors has warned it could soon file for bankruptcy. The much-hyped manufacturer was favored in 2020 by President Donald Trump, but then went on a journey of "manufacturing mishaps" and miscalculations that have sunk its share price from $26 to 40 cents.

More about the Lordstown flameout in the Wall Street Journal

Ditching the EV Over a Charging Drought?

Finally, a columnist for the Los Angeles Times, and an admitted EV owner and enthusiast, recently penned a lament about the frustrations and inconveniences of her electric vehicle. She's thinking of trading it back in for a gas-powered hybrid plug-in.

EV regrets explained in this opinion column

Topics:Electric Vehicles Electrification charging infrastructure Green Fleet

Originally posted on Charged Fleet

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