‘Effectively worthless’: EV bubble bursts
The proverbial ‘arse’ has fallen out of the EV market, and it’s those who have already bought who are the biggest losers.
The electric vehicle bubble is bursting.
They were meant to be the environmental panacea – the guilt-free answer to travel.
And just think of all that money you’d save not having to buy increasingly expensive fuel (of which 49c in every litre is tax, by the way).
Cars have always been money pits. I’ve single-handedly put my mechanic’s son through private school.
But those who bought into the EV dream are fast discovering they’re the proud owners of even bigger money pits.
The arse has gone right out of the EV market.
Those who bought into the EV dream are fast discovering they’re the proud owners of even bigger money pits.
A charging handle is displayed on a charger stall at a Tesla Supercharger location. Picture: Patrick T. Fallon / AFP
Manufacturers are now heavily discounting new vehicles in an effort to get them off the showroom floor.
A brand new Tesla Model Y is now $11,400 cheaper. The Peugeot e2008 has been given a massive cut from $63,000 to $39,990. On the lower end of the market, a GWM Ora is down 20 per cent to $35,990.
This is partially indicative of more competition naturally putting downward pressure on the market, which is generally a good thing for consumers.
But it’s not much good for someone who bought an EV a year ago, now watching the resale value of their car plummet overnight.
The other cause is a softening market for electric vehicles. And is it any wonder when you take a look at the balance sheet?
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