This Weeks BEV Topic – EV FACTS: EVs Are Dead -Long Live EVs!
2nd Hand EV Prices Have Crashed!
Yes, it is true that prices of used EVs have been falling. This is a common trend with new technology. Initially, there is very limited supply (especially after Covid) and functionality is limited. Manufacturers can ask high prices, generate some income to develop better functionality and scale production.
As we expect with classic Supply v Demand, as the supply increases, so prices will fall. This is exactly what we are seeing in the 2nd hand EV market! In addition, with so many car makers and so many EV models to choose from, the prices of even new EVs are now under pressure.
AUTOTRADER Shows Data That EV Demand is Increasing At A Higher Rate than Petrol Or Diesel
If you look at the data on Autotrader, the demand for EVs has increased 52% Year on Year.
Compared to Diesel which has decreased 10% and petrol increased 5%.
Clearly people are hedging their bets and looking at Hybrids, so that is the sector that has the better balanced Supply v Demand situation.
Current Situation Is Temporary And Market Forces Will Even Out EV Prices.
According to Autotrader data, the demand for electric vehicles (EVs) has skyrocketed by 52% year-over-year. This surge contrasts sharply with a 10% decline in diesel demand and a mere 5% increase in petrol demand.
Traditional automakers like VW and Mercedes, facing challenges in producing competitive EVs, may need to adjust their strategies. This could involve reducing production, improving product quality, or lowering prices to match the standards set by Chinese manufacturers. If they do not act, the fate of these companies could mirror the decline of iconic brands like Nokia and Kodak, underscoring the importance of adapting to rapidly evolving market trends.
Once the balance in prices is restored and the technology has matured, the advantages of the simplified vehicle manufacturing will become clear. This period of uncertainty will be over and the better price / performance of EVs will be come clear.
Like it or Not, History of Efficiency Shows Us That EVs WILL Overtake Fossil Fueled Vehicles
Certainly battery technology will improve greatly in the next few years to the point where there is no doubt that Range and Charging issues will be resolved.
Just look at the efficiency chart and see that even though some fossil fuel supporters are kicking and screaming that EVs will not work. Regardless of how fossil fueled vehicles may try, in the long term, they will be replaced by Electric.
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