Electric Vehicle Manufacturers Forced to Slash Prices as Consumers Send a Clear Message
Demand for electric vehicles is on the slide.
The Wall Street Journal reported that amid a decline in the sales of electric vehicles, manufacturers and sellers are resorting to price cuts and other incentives to help reduce the buildup of unsold cars.
“I think there was a miscalculation about demand and how much EVs would be coveted,” said Joseph Yoon, an Edmunds analyst.
Certain manufacturers, including Hyundai Motor and Ford Motor, are promoting cash-back offers that reach up to $7,500 for select vehicles. Ford also reduced the price of its Mustang Mach-E SUV.
Other companies have opted to offer generous leasing options, including cheaper installments and shorter lease lengths.
Tesla has also cut prices across its lineup,
