EV Sales – There has been a lot of talk recently about the booming EV market. Well let’s have a deeper look at it.
So far this year BEV sales are about 50,219, which is a touch under 8% of total sales. June results saw a decline in monthly sales.
Now I believe that around 8% is the natural market demand. To date that has been soaked up by early adopters, buyers that want to try something different, buyers that feel an EV suits their localised lifestyle etc.
However there has also been a bit of research lately that has shown that a significant proportion of first time buyers wouldn’t buy another EV.
I also think we will see a shift more towards to corporates and government departments being the major buyers of EVs, rather than individuals.
We have also seen new entrants, mainly from Chinese brands like BYD, MG etc with increasingly cheaper EVs offered. This has led to substantial discounting on brands like Tesla, which does nothing to engender brand loyalty for buyers that missed out.
This has a two fold effect. It destroys resale values of existing EVs, as we have seen, and makes some brands question the substantial investment they have made into EVs with diminishing returns.
Electric cars have a place for buyers, but they are not the total solution that many evangelistic parties want them to be.
This is a Motoring Minute
I’m Rob Fraser
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