Alabama NewsCenter — North American EV production far from meeting demand

| October 1, 2022 @ 8:00 am

GMC Hummer electric vehicles on the production line at General Motors’ Factory ZERO all-electric vehicle assembly plant in Detroit, Michigan, U.S., on Wednesday, Nov. 17, 2021. General Motors invested $2.2 billion in Factory ZERO, the single largest investment in a plant in GM history. Photographer: Emily Elconin/Bloomberg

By Kyle Stock

For people with their hearts set on buying an electric car, here’s the critical math: Somewhere around one-fourth of U.S. drivers want one, but just 4% of the vehicles coming out of American factories fit the bill.

North American factories stamped out 7.4 million cars and trucks in the first half of this year, but only 323,000 of them were battery-powered, according to BloombergNEF and market forecaster LMC Automotive. That calculus is contributing to the dearth of affordable electric options, and means it will likely be years before everyone in the U.S. with EV dreams is able to realize them.

“For the last two years or so, you’ve seen demand outpace supply,” said BloombergNEF analyst Corey Cantor. “For me, it’s totally an output question now.”

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