The report underscores the need for the industry to adapt to these evolving challenges to ensure long-term sustainability.
The midyear update of the 2024 Market Outlook Report from the Dave Cantin Group and Kaiser Associates emphasizes that electric vehicles (EVs) are becoming a permanent fixture in the automotive industry while local dealerships face uncertain futures. The report highlights key market trends and forecasts significant changes in the coming months.
For instance, the EV market is solidifying its place in the U.S. auto industry, following typical tech adoption trends. While initial expectations for EVs were overly optimistic, battery-electric and hybrid-electric vehicles are steadily growing. Companies like Tesla, Rivian, and VinFast lead the charge despite media hype and initial sales performance disappointments. EVs and hybrids are here to stay and will continue to expand their market presence.
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