The writing is on the wall for bad EV sales. Ford EV branch is reeling, Tesla had great growth but missed expectations Q4 (although the stock is now doing very well again), TM and GM have dialed back on EVs.
I think it's a combination.
* Dire economic outlook
* Saturated EV market. They are cars for the wealthy, and require a house and home charger, and a warm climate with reliable energy and infrastructure. It's a saturated market. If you fit in that category, and want an EV, you probably already bought one in the last 2 years.
* False advertising. They are marketed toward a certain personality type with unique social values but as it turns out these are not the socially responsible vehicles they're marketed as. People are figuring this out.
* Overpromising and under-delivering.