American electric vehicle (EV) start-ups are dealing with falling demand, as buyers look elsewhere, or put off purchases entirely.
High costs, quality-control issues, and supply-chain problems are taking a toll on the EV sector, according to the latest quarterly reports.Several EV companies reported a declining interest for some of their latest vehicles, while production costs for each product rose even higher. For example, Rivian Automotive reported mixed quarterly results after a second recall in less than six months, reported Fox Business.
The company previously saw a net loss of $1.72 billion for the fourth quarter of 2022, compared to the $2.46 billion loss during the same period in 2021.Over 12,000 electric trucks and SUVs were recalled, or almost 89 percent of all of those produced through September, after a faulty sensor in the front passenger seat was discovered, according to The Wall Street Journal.
