For a moment, it looked like the electric vehicles were going to steamroll everything in their path in the auto industry. Models such as the Chevrolet Bolt, the Kia EV6, and the Ford F-150 Lightning entered the market to take on Tesla’s established EV machinery, and shoppers suddenly had more battery-powered choices than ever before.

 

The market was abuzz, but it didn’t last. The initial EV surge didn’t unfold the way that many expected. As the hype cooled, the realities of infrastructure, cost, and depreciation set in. Some early EV’s lost half their value in just three short years.