The anticipation surrounding the release of new electric vehicle (EV) offerings reached a crescendo towards the end of last year. However, supply chain and manufacturing delays caused a sluggish start to 2023 for established EV manufacturers and emerging competitors seeking to challenge Tesla’s market dominance. Despite this setback, the tide is turning, and the industry is gearing up for a surge in the coming months.
Manufacturers are regaining their momentum as inventory levels gradually increase. This positive trend is expected to gain traction throughout the fall season. According to Car and Driver, industry leaders have already announced plans to deliver 16 new EV models before the year concludes. Yet, this is merely the beginning of a larger campaign that aims to introduce almost 50 fresh models into the market by the close of next year.
FAQ
What caused the slow start to 2023 in the EV market?
Supply chain and manufacturing delays contributed to the sluggish start in 2023 for numerous established EV manufacturers and emerging companies.
How many new models are expected by the end of the year?
Manufacturers have announced the release of 16 new EV models by the end of this year.
What is the overall goal for the EV market in the upcoming months?
The industry plans to introduce nearly 50 new EV models to the market by the end of next year as part of a broader push to expand their offerings.