In the first quarter of 2024, US EV sales fell by -15.2% vs. the prior quarter, marking the first quarter-over-quarter sales decline since Q2 2020.1 Tesla sales fell 9% in Q1 2024 vs. Q1 2023, and the company has announced layoffs of "more than 10%" of its global workforce.2 Ford Motor Company has said it will delay the rollout of a new electric pickup and sport utility vehicles (SUVs) as EV sales slow in the US. Even sales in China were disappointing, as EV sales grew 14.7% in Q1 2024 vs. a year ago. This was a decent clip, but it was the lowest growth rate since the second quarter of 2023.3 Several regions ... (full story)