Auto Industry Pulls Back EV Targets as Sales Slow, Inventories Rise

Auto executives are pulling back on previous ambitious EV targets due to slowing sales and growing inventory.

GM has abandoned goals to build 100K EVs this year and 400K in 2024, with CEO Mary Barra citing a "bumpy" EV transformation.

Mercedes-Benz CFO called the EV market "pretty brutal," noting the need for discounts to move inventory.

Almost all EVs now selling below sticker price; some models seeing manufacturer incentives up to 10% as inventory builds.

Toyota chairman Akio Toyoda, a longtime EV skeptic, says "people are finally seeing reality" regarding pure-electric plans.