Electric vehicle (EV) makers are burning through cash, as they are slammed with sky-high operational costs worldwide due to inflation.
The EV automakers are failing to hit their delivery targets and are taking a financial loss due to higher prices, according to quarterly reports published over the past two weeks, reported Reuters.
Meanwhile, the rising cost of living due to inflation is deterring many drivers from making the switch to EVs, which were already expensive prior to the latest wave of inflation.
Surging energy bills, a lack of charging infrastructure, and rising car loan repayment costs due to a rise in interest rates are further factors in putting the brakes on EV sales for consumers at this moment.
