"The "win" for Ford and GM is that they are fossil-fuel kings in a fossil-fuel nation. The EV market has died, thanks mostly to the end of the federal $7,500 EV tax credit. iSeeCars research says that EV sales as a percentage of total U.S. new car sales dropped from 8% in the third quarter to 4% in the fourth quarter. It will stay at that level through 2026, the research firm forecasts."
"Among the reasons that GM and Ford were wrong about EVs was that buyers still worry about range (at 300 miles for most EVs) and the number of charging stations. Excess tire wear and engines that do not take a full charge in very cold temperatures are also concerns. Some Americans don't know how EVs work, which is another drawback."
Ford and GM stocks have outperformed the S&P 500 this year amid weak EV demand. Tesla still controls roughly 45% of U.S. EV share while GM and Ford hover near 10% and have minimal presence in China and the EU. EV sales dropped from 8% to 4% of U.S. new-car sales after the federal $7,500 tax credit ended, with forecasts expecting that level through 2026. Legacy business units, especially full-size pickups, remain highly profitable for GM and Ford. Consumer concerns include range, charging infrastructure, cold-weather charging issues, excess tire wear, unfamiliarity with EVs, and lower gasoline prices.
Read at 24/7 Wall St.
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