Expert lays out why last year was a 'perfect storm' to slow down EVs — and explains 3 reasons China is winning the race for electrification

• 2023 was a "perfect storm" for electric vehicles, one expert says. 
• Prices for EVs remain stubbornly high, limiting further growth. 
• Chinese automakers have found a way to profit while selling cheaper vehicles to more people. 

Last year marked a dramatic shift for automakers and their transition to electric vehicles. 

After years of growth, demand slowed as new competition hit the market, and a wave of early adopters gave way to a more price-sensitive customer.