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.
  • @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.
  • @bernadmanny
    We all know that an Apple EV would have required a proprietary adapter.
  • 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.
  • @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.
  • @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"
  • @NFowerli
    Temperature extremes would be a huge problem where I live. Temps are between -35C and 30-40C where I live. The battery life would be shot so quickly. In Chicago which is pretty close to where I live, tons of cars were getting stranded because the batteries and chargers couldn’t handle the cold.
  • @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
  • @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.
  • @kimbye1
    As a Norwegian that has owned 3 ev's, and a hybrid and my current car is an ev. I think what you are saying makes a lot of sense. Our nabouring countries are adopting ev's at a faster pace now, so it's easier to drive long distances, but the charging issue is what everyone finds frustrating. Another point about the charging is lack of roadsigns and you have to have several apps, instead of bein able to pay by card or cash. I've been in a situation with low battery on my phone and poor cell service and trying to download yet another charging app in the rain, it gets your blood boiling.. There are also positives worth mentioning, especially if you live by a big freeway or in a town center, the airpolution has gone down considereably in the last years, it's noticable and that's a big pluss in my book. Noise levels have also dropped.
  • @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.
  • @ecocodex4431
    People: barely have enough money for rent and groceries Economists: "Hey, why the slow down in buying a new car!?"
  • @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.
  • @Skywolf370
    Doubt very many people will ever buy a second EV. Maybe the shift should have been more hybrid focused rather than straight to full electric.
  • @garypadiham3221
    I'm 65 and work from home. The only driving I do all week is a 3 mile round trip to the supermarket. It is not worth spending 50,000 plus on an EV for my weekly mileage. In the UK in 2035 16.9 million people will be retired. 25-30% of the adult population will be retired. Yet the government wants them to own EVs when they do little more than the weekly shopping trip. To me it does not make sense.
  • The fact that there is no way of knowing the state of the battery of a used EV is almost a showstopper.
  • @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?
  • @DD-sr9xm
    I live in rural Colorado. Most drives between towns and to Denver are 2-5 hours, 120-300 miles. EV ranges are around 300-350 miles so every round trip requires a recharge and even some one way trips would require a recharge. Further, in the winter, the mountain passes legally require 4-wheel drive which knocks down the fully charged range by 1/3. So for around 4 months a year the effective range is 200-250 miles for trips that are 120-300 miles long. They don’t work in our part of the country PERIOD.