Tag: Rivian

Major Automaker Abandons 2030 Electric Vehicle Target as Market Woes Continue

Daily Caller News Foundation
Volvo Electric SUV

Swedish automaker Volvo Cars said on Wednesday that it is scrapping its goal of going fully electric by 2030 as the electric vehicle (EV) market continues to struggle.

The company announced it now aims for between 90 percent and 100 percent of its cars to be fully electric or plug-in hybrids by the end of the decade, with the remainder being “mild,” non-plug-in hybrids, a company press release stated. Volvo’s backpedaling comes amid lower-than-expected consumer demand for EVs and a recent industry shift away from electrification.

Read More

Electric Vehicle Maker Launches Another Round of Layoffs as Demand Slows

Minnesota Sun Staff
Rivian factory

Electric vehicle (EV) manufacturer Rivian announced its second round of layoffs just this year on Wednesday as consumer demand for EVs stalls.

The layoffs at Rivian will affect around 1 percent of the company’s staff as they continue to look for ways to cut costs to bolster struggling profits due to less-than-expected EV sales, the company confirmed to the Daily Caller News Foundation. Rivian announced in February that it was laying off 10 percent of its workforce after it released its 2024 production forecast, which was well below analyst expectations, according to Reuters.

Read More

Electric Vehicle Market Share Plummets in First Quarter as Consumers Sour

Minnesota Sun Staff
Tesla Showroom

Growth in sales for electric vehicles (EV) slowed in the first quarter of the year as consumers remained wary of the product even though growth in sales of new vehicles remained strong, leading to a drop in EV market share, according to The Associated Press.

Sales for new vehicles grew 5 percent in the first three months of the year, but EV sales grew only 2.7 percent as more consumers chose traditional vehicles due to cost and product concerns, according to the AP. The average sales price declined 3.6 percent year-over-year to $44,186 in March as dealers looked to offload built-up inventory.

Read More