Falling EV sales suggest growth rates for EVs are likely to slow. The market will probably continue to grow but not as fast.
What will be the shake out? Which companies will survive? Will companies adapt by making multiple models in a smaller number of plants?
Tesla sales in California, while prodigious, were off 10% from the prior year. No matter how hard we click our ruby slippers together and wish, the US isn’t going to be Norway.
Previous thread–
“During the full year of 2023, Tesla increased vehicle sales by 24.6% but lost battery market share by 10.5 percentage points, to 60.5% of EVs registered in California. Its share of the overall California car and light vehicle market rose slightly to 13%.”
Tesla registrations were down in the 4th quarter in California, not for the year.
Yes, the market is adjusting to more hybrid sales and EVs are slowing but we hope still growing.
Falling EV market share numbers are a fool’s statistic.
That’s the meaningful statistic, the whole market statistic.
The Captain
Yes, my bad. I meant to include a reference link with it but forgot, but it shows Tesla sales actually falling 10% YoY in Q4 (in California), and the EV adoption trend slowing (again, in California), which to this point has been the (by far) leader in EV adoption. My intent was to point out (see reference to “Norway”) that the US market is going to develop quite differently than that of other countries, particularly the one EV adoption devotees point to as “the future.” No, one quarter doesn’t automatically predict everything about the future, but it’s telling that this is the first time both those things have happened.
I don’t mean that EVs won’t have a substantial impact in the US (arguably they already do), just that they are not going to “take over” the market in the same way because of unique geographic and political differences in the US.