It’s Darkest Before the Dawn in the EV Revolution
Nascent electric-vehicle makers are under pressure, but the industry may be about to turn the corner.
David Fickling is a Bloomberg Opinion columnist covering energy and commodities. Previously, he worked for Bloomberg News, the Wall Street Journal and the Financial Times.
Charging ahead.
Photographer: Hollie Adams/BloombergIt seems like there’s barely a corner of the nascent electric vehicle industry that’s not struggling right now.
The carmakers who’ve promised multi-billion-dollar plans to pivot to battery vehicles are being savaged by equity investors, with shares in General Motors Co. down 30% since the start of August and even perennial market darling Tesla Inc. falling 16%. An automotive chief executive officer can’t stand on a stage these days without downgrading some aspect of their EV rollout plans. While sales are still growing at double-digit rates, expectations of a rapid switch away from conventional drivetrains have taken a hit.
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It’s Darkest Before the Dawn in the EV Revolution