The latest brands to miss production targets amid slowing electric car demand

23 February 2024, 8:00 am

AutoInformed
The latest brands to miss production targets amid slowing electric car demand
Image: CarExpert
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The latest brands to miss production targets amid slowing electric car demand
Image: CarExpert

AutoExec Summary
US EV startups Rivian and Lucid have announced job losses and production cuts for 2024 due to cooling demand for electric vehicles. Rivian will cut its workforce by 10 per cent and expects to produce fewer EVs than predicted, while Lucid will also miss its production targets. Both companies are adjusting plans due to slowing EV demand, despite a record high in EV sales in Australia in 2023.

Brands mentioned: Rivian, Lucid, Tesla, Ford, General Motors.

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