U.S. electric vehicle startups are seeing an unsettling trend, with demand evaporating as potential customers look for deals or hold off on purchases altogether.
Quarterly reports from several companies indicated weakening interest for many of their newer products, a bad sign for companies wrestling with high costs.
Luxury sedan maker Lucid, pickup and SUV maker Rivian and electric semi-truck maker Nikola all flagged economic pressure, with industry experts saying price cuts by industry behemoth Tesla and the availability of cheaper EV models from traditional automakers sapped demand for the startups’ new vehicles.
