The big big picture is that electric car (EV) sales have exceeded expectations and grown significantly in the past decade. However, growth right at this moment is a little slower than some had hoped or anticipated as a result both Ford and GM are falling short of their sales goals and Tesla is reducing prices to stimulate growth.
Companies in the US and Europe believe high interest rates are hindering sales in the entire auto industry, including electric vehicles.
The claim that “people don’t want to buy electric cars” has spread far and wide, despite the fact that EV sales have been growing so strongly. This misconception is actually benefiting the electric vehicle industry because pessimism around electric vehicles is pushing down the cost of the materials needed to make them 🙂
But who’s saying this? Who actually has insight and authority on this and is backing up the claim? How about the CEO of one of the largest auto companies in the world, Stellantis? “Many people are talking about the slowdown on the Battery Electric Vehicle demand, which has had a huge impact on the raw material cost,” Stellantis CEO Carlos Tavares recently said. “That is helping us to reduce the total production cost on Battery Electric Vehicles faster than ICE vehicle cost.”
Although the story may have unexpected developments, the prices of electric vehicles are decreasing and they are becoming increasingly competitive. By 2030, the sales figures of 2023 will seem insignificant.
Reference- Autocar, Clean Technica, Electrek, The Drive, Canalys, Inside EVs