"EV Factory Ramp Slows as Tesla Joins GM and Ford Amidst Demand Concerns"
Tesla, along with General Motors and Ford, is cautious about expanding electric vehicle (EV) production capacity due to economic uncertainties and concerns about a slowdown in demand. Tesla CEO Elon Musk expressed worries about higher borrowing costs affecting customers' ability to afford their vehicles, leading to hesitation in purchasing new cars. Other automakers and EV startups have also signaled concerns about demand, with GM delaying production of electric pickup trucks and Ford cutting shifts at its EV plant. EV startups Lucid and Rivian have also experienced setbacks. Analysts believe the dip in demand is more related to pricing and affordability rather than a rejection of EVs, and expect improvement as EV prices decrease.
