A chill has overcome the once-red hot electric-vehicle market. Demand is slowing, competition is growing, cash-strapped consumers are skeptical, and the EV market outlook is uncertain.

Tesla has become the poster child for the industry’s ordeals, with slowing sales, a tumbling stock price, and China’s economic woes all converging into a grim picture. But other EV makers are also struggling, and the road ahead could be rough.

What will it take to bring back the thrill to EVs? How is BYD -- China’s EV juggernaut – rewriting the rules for Tesla and other rivals? Or could Toyota's hybrid vehicles be the answer?

Steve Man, global director of industrials and automotive research at Bloomberg Intelligence weighs in on the road ahead for EVs, which he says are here to stay despite the risks and challenges.