"That EV infrastructure is not coming in fast enough. " want to know when they get to a charger, it's going to be available, and it's going to work," said GM's Barra.Įarlier this year the government announced a deal with Tesla aimed at building a network of chargers open for use by all EV drivers by the end of 2024. Drivers often complain about un-compatible or unreliable stations. Those are what need to happen," GM CEO Mary Barra told Yahoo Finance's Executive Editor Brian Sozzi earlier this week.ĭriver anxiety over the charging station infrastructure, which is still being built out, is another major challenge. And during this whole period, what we'll also see is continued expansion of the charging infrastructure. "In 2025, I think we're going to really get at that affordability issue. It's a challenge manufacturers expect to still be tackling through 2024. … We have to make our products more affordable so people can buy ,” said the Tesla ( TSLA) CEO during the company's most recent earnings call. “I just can’t emphasize enough how important cost is. Industry titan Elon Musk echoed the need to make EVs more affordable. Read more: Are electric cars more expensive to insure? "Many North America customers interested in buying EVs are unwilling to pay premiums for them over gas or hybrid vehicles, sharply compressing EV prices and profitability," automaker Ford ( F) said in its latest earnings release. Meanwhile, demand has softened, prompting legacy automakers to recently scale back their multibillion-dollar EV transformation plans. Virtually every cost associated with EVs has gone up, from labor to batteries. "What we had two years ago, that cheap money, isn't available today," said Krishnamoorti. As the Federal Reserve has raised interest rates in its fight against inflation, the higher cost of borrowing has made it difficult for drivers to finance electric vehicles and for manufacturers to build them.
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