The electric vehicle market is out of gas — you can guess who’s freaking out

The American EV company Lucid Motors recently brought in restructuring experts AlixPartners to figure out how to stop burning through hundreds of millions of dollars every quarter. Corporate spokespeople immediately sprinted to the microphone to label bankruptcy speculation as completely false. Investors watched the stock price slide anyway, because nobody looking at the sales ledgers can claim business is booming. Deliveries remain a microscopic blip compared to the mountains of cash going out the door.

Lucid is not alone.

The market has spoken, with crystal-clear honesty.

A massive freeze has settled over the entire domestic EV market.

Last month, the number-crunchers at BloombergNEF took a giant eraser to their 2030 U.S. electric vehicle sales forecast. They slashed the expected market share from an absurdly optimistic 48% to a far