Ford CEO Jim Farley's $16 Billion EV Bet Is Implodinghttps://finance.yahoo.com/news/ford-ceo-jim-farleys-16-160219279.html
While this shift might seem like a step back for the EV industry, it’s important to recognize the broader context. The global EV market is growing, with sales expected to reach 14 million this year, up 35% from 2022. In the U.S., EV sales are expected to grow even faster, with a projected 50% increase this year. This growth is driven by companies like Tesla Inc., Rivian Automotive Inc. and BYD Auto Co. Ltd., which are gaining market share because of their competitive pricing, range and features. The reluctance of traditional automakers to fully embrace EVs might open more opportunities for these EV-focused companies to expand their market share.