An electric car is charging at a station covered by snow in Sparkill, N.Y., on Feb. 13, 2024. EVs lose 58.8 percent of their value in the first five years after purchase, compared with the industry average for all vehicles of 45.6 percent, according to the automotive research company iSeeCars. Kena Betancur/AFP via Getty Images
A few years ago, U.S. auto executives were hailing their conversion to electric cars and market analysts were predicting exponential growth in electric vehicle sales amid the inevitable extinction of the gas-powered engine.
Executives from General Motors (GM), Ford, Volkswagen, Mercedes, and Volvo pledged that their fleets would be 100 percent electric within a decade.
