No, electric vehicle sales aren’t dropping. Here’s what’s really going on::Tesla has been slashing prices. Ford just cut the price of its Mustang Mach-E, too, plus it cut back production of its electric pickup. And General Motors is thinking about bringing back plug-in hybrids, arguably a step back from EVs.
Its GM, Ford, Rivian, Lucid.
Tesla only managed to get close to their targets by dropping prices dramatically.
Rivian and Lucid are exclusively luxury brands. Not shocked that they’re having a hard time pushing cars over 100k CAD. I don’t think they’re atracting the same media attention either.
Audi and Subaru are also doing poorly with their EVs.
And even Tesla had to drop prices dramatically to move inventory, the sales continue even today.
Its honestly looking like an EV-industry wide problem. The car companies doing the best right now are like, Toyota and Honda, because of their ICE lineup.
It’s because interest rates are 5x higher than they were a couple of years ago. Nobody wants to finance a $70k car at 8%.
Except all the Range Rover buyers. That $90k car is selling like hotcakes right now.
Audi: too expensive, poor reliability Subaru/Toyota: released a shit compliance car.
Again, overpriced junk. My point is that it’s not that nobody wants EVs. It’s that nobody wants the crap these makers are selling.
Okay, so…
People want EVs, just not the ones Ford, GM, Toyota, Subaru, Audi, Tesla, Rivian or Lucid are making.
Do you realize how insane that sounds? At some point, it’s clearly the EV part and not the brand.
Meanwhile, the ICE side of these companies are doing excellently. Tons of F150, Toyota Corolla, Honda Accords, Rav4s, and Jeeps getting sold.
Is it the EV part, or is it the upper-middle to upper market segment part? The Dacia spring is pretty popular in Western Europe and actually affordable.
Some of the top selling cars of Feb 2024 (lowest days of inventory metric) of USA is like Range Rover Sport ($90k), Lexus GX ($64k), and BMW X4($65k).