Cathie Wood warns GM and Ford electric vehicles slowdown is a mistakeone that will help Tesla and Elon Musk Fortune
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News Source : Fortune
News Summary
- She’s also been expecting Detroit automakers to follow the path Musk has forged with electric vehicles.“We expected a lot of traditional auto manufacturers to see the writing on the wall and rush as quickly as they could into scaling big-time into electric vehicles,” she told Bloomberg Surveillance this week..
- Power, some 869,000 fully electric vehicles were sold in the U.S. in the first 10 months of 2023—a 56% jump over the year-ago period, but a slowdown from two years earlier.“The narrative has taken over that EVs aren’t growing,” Ford CFO John Lawler said in October..
- Wood, coming off her best month ever in November after a wobbly stretch, views their decisions as being good for Tesla in the long run.General Motors had planned to build 400,000 EVs over a roughly two-year stretch ending in mid-2024..
- And in November, it restarted work on a EV battery plant, but with scaled-back ambitions, saying it would produce roughly 40% fewer batteries than planned..
- Instead, they’ve been decelerating their EV plans, wary of EV growth that—while still strong—has lately slowed..
- While EV growth has slowed in recent months, it’s still robust..
Ark Invest CEO Cathie Wood has long been bullish on Elon Musk and Tesla. Shes also been expecting Detroit automakers to follow the path Musk has forged with electric vehicles.We expected a lot of tra [+2484 chars]