EV sector grapples with layoffs, production cuts and revised plans

The global downward trend in demand for electric vehicles is affecting the industry, resulting in job losses and production cuts. These developments indicate that short-term obstacles may set back the transition away from gasoline-powered vehicles. Mercedes' decision to continue investing in internal combustion vehicles comes a day after EV startups Rivian and Lucid announced projected 2024 production numbers that fell short of analysts' expectations. Rivian also reduced its workforce by 10%.