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Global EV sales are slumping as top manufacturers see a downturn, with the public struggling to embrace the technology.
Electric vehicles (EVs) have been touted as an environmentally-friendly solution to the climate crisis, giving passengers a smooth, emissions-free ride. [emphasis, links added]
But it seems the electric revolution – deemed essential to curb carbon emissions – is running out of road.
MailOnline’s graph [below] reveals that global EV sales have slumped in recent months for three top manufacturers, as the public struggles to fall in love with the technology.
Despite growing steam long-term, Elon Musk’s Tesla saw quarterly EV sales fall from a peak of 484,500 in Q4 2023 to just 386,800 in the first quarter of 2024.
Meanwhile, Chinese car manufacturer BYD – the world’s largest seller of electric vehicles – saw global EV sales crash earlier this year.
In the first quarter of this year, BYD sold just over 300,000 EVs – dramatically down from 526,000 in the final quarter of last year.
Similarly, German carmaker Volkswagen sold 239,500 EVs in Q4 2023, but only 136,400 the following quarter, although sales recovered to 180,800 in Q2 this year.
It comes as Volkswagen has been forced to close three of its factories and slash jobs, partly due to a slower-than-expected transition to electric vehicles.
Why are EV sales slumping?
Two experts claim that there’s a ‘clear downward trend‘ in the global EV market.
Electric vehicles run on energy from a charged battery much like a smartphone but come with hefty price tags – around £46,000 on average in the UK.
‘Electric vehicles typically cost more upfront,’ say Milad Haghani, lecturer in urban analytics at UNSW Sydney, and Hadi Ghaderi, a supply chain professor at Swinburne University of Technology, in a piece for The Conversation.
‘Sales have slowed in parts of Europe and the United States often due to reduced incentives, but strong sales growth continues in other regions such as China and India.’
The two experts say a ‘flood of cheaper Chinese vehicles’ is lowering the cost barrier. However, these Eastern exports have triggered surveillance fears.
Another ‘major issue’ for car buyers is uncertainty about an electric model’s resale value compared to a standard petrol or diesel, the researchers point out.
‘Consumers are concerned electric vehicles depreciate faster than traditional cars… these concerns are particularly tied to battery degradation, which affects a car’s range and performance over time.’
Meanwhile, EV fires have made headlines globally – including a high-profile battery fire in a Korean parking lot in August – creating doubts among consumers. …snip…
What are the problems with EVs?
Just like any emerging technology, the transition to EVs is not without issues – not just the race to roll out charging infrastructure.
There are also concerns with the public about running out of charge during journeys, although research is looking at ways to prevent this.
Electric vehicles also don’t combat the issue of tire wear, which causes tiny particles of rubber invisible to the naked eye that can enter our lungs.
In fact, rubber particle pollution could end up worse in EVs, as their tires press harder against the road due to the vast weight of lithium-ion batteries.
Read rest at Mail Online
The post Global EV Sales Crash As Drivers Pump The Brakes On Going Electric appeared first on Energy News Beat.
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