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Electric vehicles (EVs) have been touted as an environmentally-friendly solution to the climate crisis, giving passengers a smooth, emissions-free ride.
But it seems the electric revolution – deemed essential to curb carbon emissions – is running out of road.
MailOnline's graph 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, it 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.
Tesla , despite growing steam long-term, saw quarterly sales fall from a peak of 484,500 in Q4 2023 and 386,800 in the first quarter of 2024.
Why are EV sales slumping?
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 pricetags – 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.
More here...
Shocking charts reveal how electric car sales have SLUMPED
But it seems the electric revolution – deemed essential to curb carbon emissions – is running out of road.
MailOnline's graph 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, it 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?
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 pricetags – 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.
More here...
Shocking charts reveal how electric car sales have SLUMPED
