The electric car market is rapidly evolving, with new models and features being introduced every year....

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The electric car market is rapidly evolving, with new models and features being introduced every year. As an engineer, explain how the concept of product life cycle applies to the electric car industry, and discuss the strategies that companies can use to stay competitive and meet the evolving needs of consumers. Provide examples of how these strategies have been implemented in the past, and their impact on the success of electric car companies. The electric car market is rapidly evolving, with new models and features being introduced every year. As an engineer, explain how the concept of product life cycle applies to the electric car industry, and discuss the strategies that companies can use to stay competitive and meet the evolving needs of consumers. Provide examples of how these strategies have been implemented in the past, and their impact on the success of electric car companies.