Sales in the electric vehicle (EV) market have significantly slowed in 2024, prompting some manufacturers to revise their expansion plans. Rivian Automotive, for instance, reported just 3.3% year-over-year quarterly sales growth, a marked decline from over 100% a year prior. This downturn is attributed to factors such as limited charging infrastructure, high interest rates, and uncertainty surrounding government subsidies, according to a recent Goldman Sachs report.
Despite the current challenges, Goldman Sachs expects EV sales volume to increase by 21% year-over-year in 2024. Rivian, currently with no mass-market models, plans to introduce three new vehicles under $50,000 by 2025-2026, which could position the company for significant sales growth akin to Tesla’s past successes. Rivian currently operates with approximately $5 billion in sales, hinting at potential inflection points similar to Tesla’s trajectory.
