The Trillion Dollar EV Bubble Just Burst

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Electric Vehicles took the world by storm, as every major manufacturer desperately raced to keep up with Tesla over the past decade.

Governments stated EVs were the future, and that by 2030 every single new car sold would have to leave internal combustion engines behind forever.

And at first, many thought everything was okay, as those buying electric vehicles were the early adopters, obsessed with the technology and willing to overlook their many flaws.

But now that the market has continued to evolve, ordinary people are buying EVs, not just those excited about the products, and this has resulted in a collapse of demand across the entire world for them.

The simple fact is, these cars are not as good as our governments would have us believe. Most people don’t want to deal with range-anxiety, they don’t want to queue for 40 minutes to recharge their batteries, and they certainly don’t want to lose 50% of the value of their car over their first year of ownership.

In the United Kingdom, 8 of the 10 most depreciating cars are EVs, as the market is simply too soft for the huge amount of volume manufacturers insisted on pushing out.

And now, we’re seeing this impact the businesses at the forefront of their drive to secure their futures.

Tesla’s sales in China have fallen by 18% over the last year. In the US they had seen growth every single year since 2016, but quarter 1 of 2024 saw deliveries fall by 37,000 compared to one year prior.

10,000 staff have been axed, and Tesla’s stock price has fallen to it’s lowest level in well over a year. Every single Cybertruck sold has had to be recalled, and problems do not appear to be stopped any time soon.

But the problems aren’t just limited to Tesla. Ford announced that it’s been losing $100,000 for every single EV it sells, and so it too has decided to cut production.

Whilst this isn’t suprisingly to petrol heads and anyone who might’ve owned an EV, governments are certainly panicking at this development.

Every major country has been competing for social justice points by claiming as aggressive “greenification” policies as possible, with the UK leading the pack claiming that it will be illegal to sell a normal vehicle in 2030.

But it is clear. The average consumer does not want an EV. And this is despite the massive tax breaks, credits and subsidies thrown at these vehicles in an attempt to get them to move.

Bad news for Tesla and other EV companies, but good for the average person who just wants to be left alone, and allowed to buy a car that fits their needs and circumstances.

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