more than 1.2 million sold.

That# was 50 percent higher than in 2022.

And yet there are signs that demand for# E.V.s appears to be slowing and may not## be quite as intense as either automakers# or the Biden administration has expected.

To help us understand where things are, we're# joined now by Jessica Caldwell of Edmunds.com.

So, it feels, Jessica, like the# general perception of electric## vehicles, in some ways fueled by media# reports, is that the demand is slowing,## the market is slowing heading into# this new year.

Is that narrative true?

JESSICA CALDWELL, Automotive# Journalist, Edmunds: It is true.

The thin upward trajectory.

It's just maybe not as steep# as we thought two years ago, because I thin was easy to get swept up in a new technology.# It was very exciting.

Sales were accelerating.

And it just doesn't work that way in the long run# with the new technology.

The more vehicles you## sell, the harder people will become to convert.# You start losing some of those early adopte wanted to get in early and more of the mass# market starts to buy the vehicle.

And those## people are a bit pickier with their money and ask# a lot more questions and have a lot more concern So, it's not a surprise that it's# slowing.

I just think it's good to## remember that they're still growing,# just maybe not as fast as we thought.

GEOFF BENNETT: Well, during an earnings call# today, GM CEO Mary has slowed.

And that follows recent announcements,# as you well know, by GM and Ford, who said they're## going to cut back some of the production of new# electric vehicles and delay some investments.

Why?

What accounts for that?

Help# us understand the market dynamics.

JESSICA CALDWELL: Right.

right now where prices are high for# these vehicles.

Interest rates are## high.

When we look back at the past# decade, interest rates have been low,## and that fueled more expensive vehicle# purchases.

And that' We're looking at interest rates at 7 percent,# not 4 percent or 5 percent adds cost to it.

And I think we're having# people that are just getting a bit skeptical## about infrastructure, about some of the# charging networks.

And as you look around,## you may not think, oh, it's as easy to# own an E.V.

as maybe you had thought.

So, I think some of the more practical# concerns are what's slowing these vehicles## down in terms of sales.

But we do know# that that is the goal, the long-term## goal.

But we're bound to hit road bumps.

And# I think that's what we're seeing right now.

GEOFF BENNETT: There was this# other indicator last month where## Hertz announced they were going to# sell a electric vehicle fleet and use some of# the proceeds to buy gas-powered cars.

What's the deal with that?

Is that about demand# or are there other factors like upkeep costs?

JESSICA CALDWELL: Yes, I mean, I think that was# an interesting deal, because I think, when you## think about short-term ownership or short-t because you're asking people to have a completely# different relationship with their vehicles.

So, if you're not going to have this car# forever or it is b not know where to charge it.

You may not be set# up to do chargin because it's like, if this is a temporary thing,# you're not going to necessarily invest the money.

So I think that could be some of the issues# too.

And I know they complained a lot about## repair causes, particularly to batteries.# And I think a part of it aga to a new technology.

Not everyone is feeling# comfortable perhaps fixing batteries.

And we're hearing that the vehicles are just being# scrapped instead, which feels very wasteful.

But it's like you're also hearing that# batteries are causing fires.

And I coul see if you are a repair shop, maybe# you just don't want to take that risk.

GEOFF BENNETT: In the meantime, the Biden# administration announced they're going to## invest 325 million more dollars in# prog technology.

They'd repair some chargers# and they would cut battery costs overall.

How far will that go toward making E.V.s# more affordable and more accessible?

JESSICA CALDWELL: There needs to be a# lot of investment in this.

And it's a## lot of investment in different areas.# It's not more efficient and spending all# of that money to get that going.

It is also about infrastructure.

It is about# better charging.

It is about fixi infrastructure.

So, as we move towards# this, it's definitely not simple, easy,## straightforward.

There needs to be automakers,# the government, everyone working in concert to## get this whole thing moving along,# because it's not just one party.

And asking people to commit to buying# a new vehicle that is an E.V.

when not## everything is necessarily functioning at# 100 percent is going to be a challenge.## And that's always what we're hearing from# consumers.

They're worried about range.## They're worried about their battery.# They're worried about infr and charging.

And that freedom just to go# An d I think that's what scares people, even# if it's not something that they even do once## a year.

It's the idea.

And I think that's very# American of us.

That idea that go somewhere is preventing you from buying# this vehicle.

And it happens all the time.

GEOFF BENNETT: Jessica Caldwell is head## of insights fo JESSICA CALDWELL: Thank you.