My take on EVs:
1. Early adopters jumped in, early, and made the market seem pretty strong.
2. Various governments came up with various mandates in the near future.
3. Nearly every car company announced pretty aggressive moves to transition to EVs.
4. The market got saturated, and those companies announced cut backs/pauses.
5. Regular consumers have not been convinced, some no doubt waiting for issues to be corrected ($$$, range, charging time and expense), some just not interested for other reasons.
Sales are still growing of course, but not as fast as many expected, so there is a glut. It all sounded good, sort of, 5 years ago or so.