Why the global electric vehicle market is losing its momentum
Electric vehicle sales growth has slowed significantly this year. This video examines the recent performance of industry leaders like Tesla and BYD, the impact of increasing global competition, and why tech giants like Apple are retreating from the race.
The EV market is facing a period of decelerating growth. In the first quarter of 2024, Tesla saw a 20% drop in deliveries compared to the previous quarter, while BYD experienced a decline of over 40% in the same period. To combat cooling demand, both manufacturers have resorted to price cuts.
The landscape is also becoming more crowded. Chinese manufacturers have increased exports, even overtaking Japan as the world's largest vehicle exporter last year. This competition, alongside new entries from legacy automakers, has intensified the struggle for market share. Even Apple, after spending ten billion dollars and a decade on research, abandoned its electric car project in February, citing concerns over high costs and low profit margins.
