Major Automakers Returning to Gasoline Cars as EV Demand Slows

Major carmakers in the U.S. and Europe are scaling back production of electric vehicles amid overcapacity and are rethinking their ambitious EV sales goals. EV demand has visibly softened over the past year, leaving legacy automakers in the U.S., Germany, and France struggling with an overcapacity of their EV models as they realize that the transition to fully electrified transportation will be taking longer than they thought. Carmakers in the U.S., Germany, and France are currently producing EVs at levels of about 40%-45% below earlier expectations,…