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EV Sales Forecast Slashed as ‘Overriding Concern’ Bothers Industry

August 09, 2024 at 11:05 AM EDT

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its accuracy or completeness.

The Society of Motor Manufacturers and Traders (SMMT) in the United Kingdom has slashed its forecast for electric-vehicle sales as the market continues to deal with low demand. The trade body noted that more action has to be taken to encourage electric-vehicle adoption among consumers. This statement comes at a time when the burgeoning electric vehicle industry is plagued with waning demand and dwindling sales as high costs discourage drivers from making the transition to electric cars.

Dwindling electric-vehicle demand is likely the primary reason behind the SMMT lowering its new-vehicle registration forecast for 2024 from…

NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN

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