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Has Electric Vehicle Demand Peaked ?

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the staff of the Ridgewood blog

Paramus NJ, Tesla revealed steep price cuts on its lineup of cars on Thursday. Its car prices have been lowered by up to 30 percent when the latest EV tax credits are applied as well. The price cuts could signal the beginning of a price war in the EV market. Several manufacturers are launching new EVs this year, but production will be limited. Tesla’s offerings are now well below several competitors.

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Perhaps the mania for mandating the use of electric cars is slowing down. Last year, California banned the sale of gasoline-powered vehicles beginning in 2035.  It may be joined by other states. But some of those bans may never be implemented as problems with EVs pile up.

EV car makers in Europe are slowing down production because the battery cars have proven too expensive for the middle class and the supply of lithium for their batteries is too uncertain. Production in Europe this year will be 12 million cars, a million less than previous estimates.

They are also not realizing the fuel savings that enviros promised. Britain’s Daily Mail reports: “Electric vehicles can be more expensive to fill up on the open road than their petrol and diesel equivalents as the cost of utilities continue to spiral.”

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One thought on “Has Electric Vehicle Demand Peaked ?

  1. Tesla sales have slowed – hence the price cuts. Competitors are moving in. The Mustang EV gets great reviews.

    The overall market is expected to grow steadily.

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