China’s BYD is investing in another seven huge cargo-carrying ships to help its massive electric car export drive. Photograph: AFP via Getty Images
This is not a local phenomenon. In the UK in December, the Society of Motor Manufacturers and Traders reported a massive 34 per cent drop in EV sales, and while there were some mitigating circumstances – December 2022 had seen a glut of EV deliveries as car dealers tried to clear a backlog of orders – nonetheless the figure raised eyebrows, not least because there was a commensurate uptick in sales of diesel-engined cars at the same time.
Those customers are going to be hard to convince, and while both battery technology and the public charging network have improved out of all recognition from their 2012 starting points, the fact is that for many people pure electric power still seems like something that won’t work for them. Between now and then, car companies wishing to stay in business are rapidly pivoting to try to keep these doubting buyers happy. Renault, for one, performed a dramatic volte-face when it announced this week that it will continue to offer both a fully-electric model and an equivalent with hybrid internal combustion power in every segment for the foreseeable future. That means that the much-hyped all-electric Renault 5 will be sold alongside a hybrid-engined Clio for some time yet.
Even mighty Tesla is not immune. In the first quarter of this year Tesla delivered 386,810 new car globally, a fall of 8.5 per cent compared with the same period last year, and well below Wall Street’s expectation of more than 450,000 deliveries. The low 2024 figure has been exacerbated by shipping problems caused by the conflict in the Middle East, as well as problems with its factory near Berlin, where a fire set by environmental activists interrupted the factory’s supply of electricity.
So, who’s right? The Renaults and the Fiats, who are starting to cool on their electric ardour, and prepping to keep combustion engines around a while longer? Or the Polestars and the Jaguars betting the farm on batteries?
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