Depending on who you ask, EV sales could be either booming or grinding to a halt. Even AI answered: "The web results are contradictory and show different perspectives", and Ford on same day the same company reported record EV sales and a plan to shelve EVs due to lack of buyer interest. So, what is really happening? Can biases be sidestepped to uncover a real answer? As is often the case, reality is a mix of both answers. Globally, EV sales are still growing, but growing slower.
In April 2024, following a disappointing below expectations Q1 sales result, Tesla announced plans to cut 10% of workforce, the plan to focus on "Robotaxi" in priority over a new more mass-market entry-level model sometimes referred by the press as the "model 2", as well of the departures of Senior Vice President of Powertrain Drew Baglino and Vice President of Public Policy and Business Development Rohan Patel. Can the world really afford Many see this move to positioning the company key to having brought EVs this far as a "not a car company". What is happening?
The defining difference between humans and other species is that the "accessories" we make evolve independently of our genes. The difference between humans of 50,000 years ago and the 21st century can be seen by anyone while birds' nests, beavers' dams and bees' hives only evolve when the species evolves. In the spirit of Batman and Ironman, our 'accessories' or 'tools' allow to outcompete other species confined by biological evolution and provide humans with enhanced abilities that could even be seen by past generations as superpowers. Genetically we may be similar to humans of over 50,000 years ago, but our accessories make us very different in ways that impact us from our population to tolerance of others.
While there are still valid reasons for most to hesitate before buying an EV in 2023, it's definitely late to risk buying a new ICE vehicle and may be a better time to instead plan a combustion engine exit. Considering the trend from where EVs were 5 years ago to today, and then projecting EV sales growth over the next 5 years, and it seems almost certain almost all new ICEVs of today face an obsolescence risk. While this does not mean everyone should rush out and buy an EV, it is an opportunity to prepare for an aspect of the future that may catch some unawares.
As of March 2023, this EV from the BYD brand that few have heard of, has risen to 3rd bestselling EV globally behind the Tesla Model Y and Model 3, and could this year overtake the Model 3. Despite this level of sales success, as the Atto 3, as it is known outside China, arrives in new markets, reviewers often struggle to communicate the significance. As the international bestselling model of the BYD brand responsible for 6 of the 10 top bestselling EVs globally.