The electric vehicle (EV) market is experiencing a slowdown, and Tesla appears to be the most affected. The company’s US registrations have dropped by as much as 25 percent month on month, and its overall market share of EVs is nearing 50 percent this year, a significant decrease from 80 percent in 2020. Tesla’s global deliveries also fell by 8.5 percent.
However, the slowdown in EV sales is not uniform across all automakers. While Tesla and Volkswagen are struggling, almost every other automaker is seeing double-digit EV sales growth. Despite the overall EV sales in Q1 2024 only increasing by 2.6 percent over the same period in 2023, the industry remains optimistic about the future of EVs.
Martin Cardell, head of global mobility solutions at consultancy firm EY, believes that EVs are the future and that current challenges will be overcome by the industry and government. He predicts that EVs will regain momentum and ultimately dominate the automotive market. Despite the current slowdown, the industry’s faith in the potential of EVs remains unshaken.
Read more: arstechnica.com