mmarshall

A good video showing why the EV market may have passed its peak, and could be waning, at least in the short term.

BayeauxLex

🍿👀

This is about to be good. In 3..2..1…

FrankReynoldsCPA

We really like breaking new ground here in EV chat, don't we?

703

And all the usual suspects in this forum:

asj2024

Yep, at least in the short term, there is a significant slowdown in BEV growth, and an acceleration in hybrid growth.

It's been discussed before as well, so not exactly new news.

The question is whether people will start buying BEVs now that prices have dropped like a rock, or are there some portion of the population that will never even consider it. The price drops last year did not help much, so we'll have to see.

JeffKeryk

Ever heard of business cycles?

Bob04

High mortgage rates and inflation haven't helped either. Cuts into the new car fund.

AJT123

Yes. This is just the beginning of a huge backfire, get your popcorn.

Hardly any MB EVs on the lot when I used to post them stacked.... I saw maybe 3 or 4?

G30540i

MB had to have lost millions and millions on the EQx line. The leases they were offering were crazy cheap on six figure EVs. That's $15,000+ in incentives or more

AJT123

I hear you can buy a year old one for $55,000. They're about 100k new. Massive fail.

And yes, when my MB dealer did stock EVs they all had massive "$12,500" off discount stickers on each and every single one.

Bob04

Lots of used EVs on the market now too. Didn't used to the be case. And the used EVs in the market were expensive due to lack of supply. Didn't make sense to buy used when new was only a little more expensive. Now, after flooding the market with new EVs for several years, many have the chance to purchases used. That would be ok if the "new EV sales are going grow exponentially" crowd was correct and everyone was still demanding EVs. But that doesn't seem to be the case. Appears the market is limited like the Toyota CEO suggested, and the new market is under pressure from cheaper competition from the used market. The market always wins. Eventually.

spwolf

If limited market means that BEV sales are to reach 20% globally this year, yes it is limited.

LeX2K

20% is about right.

AJT123

That's global, not USA.

20% of all cars being EV is a pipe dream here in America.

geko29

The US is indeed a few years behind. This is likely the year that US sales of all vehicle types with a battery and motor (BEV, PHEV, and HEV) hit 20%, as that group accounted for 16.3% of light vehicle sales in 2023, up from 12.9% in 2022.

Hitting that 20% threshold with just BEVs and PHEVs will take a few more years, as they accounted for about 10% of sales in 2023, up from about 7% in 2022.