Auto Industry Faces Challenges as Carmakers Cut Back on EVs and New Models
Automakers are reducing their new EV model launches and focusing more on hybrids due to economic and geopolitical uncertainties, with a significant drop in planned EV offerings over the next few years. Meanwhile, Chinese dealerships are overwhelmed with excess EV inventory amid fierce price wars, and Xiaomi's EVs, especially the SU7, are experiencing unprecedented demand with nearly a year-long waitlist. The industry is in a transitional phase, balancing EV ambitions with market realities and consumer preferences for hybrids.