What Happened to Electric Vehicle Sales?

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Published 2024-04-05
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Sales growth of electric vehicles has slowed dramatically this year. Tesla delivered 20% fewer cars in the first quarter of 2024 than in the prior quarter, and BYD who was previously the world’s biggest EV maker saw sales decline more than 40% over the same period.
BYD’s EV sales were still up 13% when compared to the same quarter a year earlier, while Tesla’s sales were down 9%. Both companies have been slashing prices to stimulate demand.
While EV sales overall are still rising, they are rising at a slower rate than before. On top of that, the space has become more competitive as legacy automakers have introduced new EVs, and Chinese manufacturers have ramped up exports, overtaking Japan as the world's biggest vehicle exporter last year.
Apple, who spent a decade and ten billion dollars on research, decided in February to end their efforts to build an electric car. The Apple car would have likely cost over $100 thousand dollars and would have had lower profit margins than their core consumer electronics business. Apple’s stock price rose on the announcement that they were abandoning their EV project.


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All Comments (21)
  • @PBoyle
    To try everything Brilliant has to offer for free for a full 30 days, visit brilliant.org/patrick/. You’ll also get 20% off an annual premium subscription.
  • @bernadmanny
    We all know that an Apple EV would have required a proprietary adapter.
  • @randomanon7040
    California demanding that everyone go out and get an EV a week before they told everyone to stop charging their EVs pretty much sums up my concerns.
  • @shmehfleh3115
    The problem is most new EVs are luxury cars, SUVs or both. Who gives a damn if an EV maker slashes the cost of their new car from $60,000 to $50,000 when most car buyers can't afford that EV at either price?
  • @jasoncrandall
    I drove Monaco to Paris last summer. 100% of the chargers were either broken or required some crazy app to make work. Most just had red Xs on them and didn’t work.
  • @Herfinnur
    My sister just drove in a rented EV from Paris to us in Tyrol, Austria. The charging network is an unnecessarily complicated clusterfuck of apps and standards. It's put all of us off of getting an EV
  • to be fair, literally everything "has a lower profit margin than Apple consumer electronics"
  • @mooncoinphoto
    People aren’t interested in buying something less useful than the thing it is supposed to replace.
  • The fact that there is no way of knowing the state of the battery of a used EV is almost a showstopper.
  • @rigell2764
    Expensive to buy Expensive to repair Expensive to insure Rapid depreciation Range anxiety Lack of qualified mechanics Long wait times for parts Poor charging infrastructure Need to spend a lot of money to get fast charging set up at home. Very few options if you rent or live in an apartment. I'll pass
  • @ecocodex4431
    People: barely have enough money for rent and groceries Economists: "Hey, why the slow down in buying a new car!?"
  • The crazy thing is subsidies are largely going to people who are pretty well off to buy mostly luxury EV's , on top of that a large proportion are being bought by companies for the tax breaks - when those cars hit the used market there are often no takers.
  • @ravenguard1495
    I just rented a car for 10 days for a trip around France. They gave me a plug in hybrid obviously. It arrived already empty battery from the start and was impossible to charge anywhere (including hotels except one castle in Loire valley) without downloading and subscribing an incredible amount of complicated apps and putting your credit card in all of them… pointless to say battery remained empty almost all travel and I end up with an underpowered engine that consumed more that a proper one because always under stress… I don’t understand why rent a car give these hybrids when is clear that nobody (even them) will recharge them on holiday abroad and even less why you cannot have a charging network where you simply insert credit card and pay… at the petrol station they are not asking to download an app to fill the pump😂
  • @EmperorShang
    Hmmmm, a basic ICE vehicle costs ~$20k. A basic EV costs ~$30k. You're ridiculous if you think $10k is nothing to the average person
  • @abes.4040
    a rental car clerk advised me against renting an electric car when me and my family went to Orlando Florida las year. He said if you take an electric, you won't enjoy your vacation. Trust me, go with the regular car, he said.
  • @couchmayne4351
    You and Brian from Clearvalue taxes are literally the only 2 people I watch , I remember when people would call you boring when you were at 30k subs , now your literally catching half a million views in less then a week, proud to see you grow Patrick thank you for the direct and no BS straight forward information.
  • Charging at home. Must be nice for all those folks who don't live in an apartment complex.
  • @luckylanno
    Looking back on it, it's not too shocking that rental EVs didn't work. When you go to a strange place, you won't know where the charging stations are, your hotel may not have chargers, and obviously you won't have a access to a home charging system. There's too many unknowns to be comfortable with. EVs really only work if you have a routine that includes charging stations, or you don't have to drive that much.
  • @dannyb3663
    My best mate had an electric car. He got rid of it. You couldn't use any electric charger. And for ones that were compatible, you needed to sign up to an account for some reason, simply to get electricity to go down a wire. Then once he'd given them his personal data, it simply refused to charge. Until something as simple as getting electricity to go down a wire is worked out, nobody wants an EV.