The dash to electric vehicles has stumbled after consumer demand cooled in recent months, hurting the global car industry’s hunt for elusive profits.
“This EV journey for legacy OEMs has just been an unmitigated disaster so far,” said influential industry analyst Adam Jonas, who works for the bank Morgan Stanley, during the recent third-quarter earning call for supplier Aptiv.
The difficulties of profitability increasing EV production amid tepid consumer demand was a key theme during the most recent earning calls for car makers, suppliers and dealer groups, many of whom warned of trickier financial conditions ahead.