No, electric vehicle sales aren’t dropping. Here’s what’s really going on::Tesla has been slashing prices. Ford just cut the price of its Mustang Mach-E, too, plus it cut back production of its electric pickup. And General Motors is thinking about bringing back plug-in hybrids, arguably a step back from EVs.
It’s because interest rates are 5x higher than they were a couple of years ago. Nobody wants to finance a $70k car at 8%.
Except all the Range Rover buyers. That $90k car is selling like hotcakes right now.