A couple of years ago, we seemed to be hurtling toward an electric-car future. Tesla had reached a trillion-dollar market cap; Hertz had signed a $4 billion deal with Tesla to supply cars for its rental fleet; the Biden Administration had announced plans to make EVs comprise 50% of all new vehicles sold by 2030; and GM had committed itself to achieving 100% EV sales by 2035.
Why Has the EV Market Stalled?
If automakers want to boost sales, they must cater to a different set of interests and concerns.
March 21, 2024
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Summary.
Surprisingly, the EV market has stalled in recent years. Why? Because the market has reached a difficult point in the technology-adoption lifecycle. Specifically, automakers and policymakers alike can no longer make plans based on what early adopters of EVs want. Instead, if they want to boost sales and reach a much broader segment of the market, they’re going to have to cater to a different set of interests and concerns — which will probably mean offering consumers more hybrids and plug-ins as a bridge to an all-electric future.
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Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Marketing Essentials. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Learn how to communicate with your customers—strategically.