Ending so soon?
A report published by The Epoch Times is shocking many since it claims “EV mania” could be going away. If you’ve noticed a relentless push to get you and everyone else to buy an electric car, you’re not alone. EVs have been the hottest thing ever, or at least positioned as such in the past year especially, with the push for people to take the plunge reaching a feverish pitch. The phrase “electrification is the future” was repeated so much it became trite.
Learn why electric cars have a rust problem here.
According to The Epoch Times’ report, a drop in demand for electric vehicles is the driving force behind Tesla slashing prices on certain models. This counters other narratives about why the company made such a drastic move.
If that’s not bad enough, the report details out other factors working against ramping up EV production. Lithium is in short supply, an element critical to the manufacturing of modern batteries. With electricity rates skyrocketing in Europe and other places, the prospect of charging a car instead of filling it up with gas or diesel isn’t as attractive to consumers.
In general, supply chain problems have thrown a monkey wrench in manufacturing across the board. However, that also has caused a kink in EV demand. And the old specter of range anxiety, or the fear your EV will run out of juice far away from an available charger, is also cooling enthusiasm.
Granted, car production in general is down lately as evidenced by BMW seeing EV deliveries double while the rest of its business declined last year. Supply chain snafus were the initial cause of the decline, but an increase in interest rates, more economic uncertainty, and inflation have all combined to cool the jets of car shoppers.
When money is increasingly scarce and people aren’t sure what’s around the next bend, people pull away from novelty and choose to rely more on tried-and-true transportation methods. That means all this disruption we’re experiencing at the moment is helping to disrupt the upheaval so many thought EVs would push in the auto industry.
The Epoch Times highlights how it’s not just consumers becoming less enthusiastic about EVs. KPMG surveyed automotive executives, finding their expectations for electric car sales have fallen dramatically.
What’s more, there’s a growing push against mandating EVs. Most dramatic was the recent banning of EV sales in Wyoming as a move to protect the state’s vital fossil fuels industry.
We’ve been in the auto industry long enough and studied its history to the point we’ve seen many trends come and go, so we know not every fervent push sticks. Time will tell if EVs fall into that category, again, or if they continue to be a force in how we get around.
Source: The Epoch Times
Photos via Ford, Tesla, GM
