The electric car industry is facing a price war and the withdrawal of the wealthy. The auto industry has effectively split into two camps regarding electric vehicle strategies.
Some, such as General Motors and Volkswagen, aim to produce a fully electric vehicle lineup, while others, including Toyota and Stellantis, are focusing on plug-in hybrids short term. Volvo announced that it will withdraw future financing from its electric car company Polestar, which indicates more challenges facing the industry’s electric car-centric plans.