Auto Industry Pulls Back On EVs As Consumers Hesitate Over High Price, Inconvenience
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 18 2024
0mins
Source: Benzinga
Automobile Manufacturers Shifting Focus:
- Ford and General Motors are redirecting investments away from electric vehicles due to high costs and reduced demand, opting to produce gas-powered trucks instead.
Impact on EV Market:
- Even Tesla is scaling back on battery-powered vehicle plans, reflecting a slowdown in EV sales and delaying the projected capacity of over 1 million EVs annually by mid-decade.
Analyst Views on XLY
Wall Street analysts forecast XLY stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for XLY is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
0 Analyst Rating
0 Buy
0 Hold
0 Sell
Current: 121.400
Low
Averages
High
Current: 121.400
Low
Averages
High
No data
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
