And an ongoing EV price war started earlier this year by Tesla's Elon Musk, is forcing deeper losses as companies chase volume over profits in the EV sector. Ford recently adjusted its electric vehicle timeline to reflect this change in EV demand. After several years of rapid growth from eager early adopters to the electric vehicle segment, EV sellers are facing the first plateau. EV sales hit a high of nearly 6% in the US last year, bringing the segment closer to a predicted 7-10% tipping point. At this level of adoption, EV sales are expected to slow considerably.

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Persons: Peter Rawlinson, Chris McNally, Evercore, Lucid, Tesla's Elon, Rivian, Ford Organizations: Morning, Tesla, Air EV, Ford, EV