Not even Elon can save EVs from disaster

Western policy on decarbonisation seems to be driven more by emotion and boosterism than by what is technologically feasible

CREDIT: Joe Raedle/Getty

Never was the old adage “don’t buy the prototype, buy the redesign” more appropriate. Motorists who bought an electric vehicle in the belief that it would hold its value better than a petrol or diesel must be feeling a little sore. According to the AA, the secondhand values of the 20 most popular electric and hybrid cars was down 12 per cent in the first quarter of this year compared with the first quarter of 2023. That is the drop in value of like-for-like cars, not what buyers can expect to lose in depreciation over the first year.

In some cases the fall has been far greater. According to a recent survey by Cap Hpi, the value of a one year old Peugeot e-2008 with 10,000 miles on the clock fell 38.7 per cent between January and December 2023.

The tide has turned for Tesla, too, as it runs out of well-off, eco-conscious motorists interested in buying its vehicles. In the three months to March it sold 386,810 vehicles, down from 422,875 in the same period in 2023. Tesla shares plunged seven per cent on the news – although given that the company’s market valuation is still nearly twice that of the world’s second most valuable carmaker, Toyota, no one should be confident of a rebound any time soon.

I have nothing against electric cars, which have already found a niche as city cars for people with the good fortune to have private driveways. If battery technology develops to the point at which electric cars can travel 500 miles on a single charge and take 10 minutes to recharge they will start to sell themselves, without motorists being forced to buy them through government mandates.

Indeed, that will be the point at which I will happily dump my diesel and go pure electric. But the promotion of electric cars over the past few years has been a triumph of hype over reality – which not even Elon Musk has been able to overcome.

Source: https://www.telegraph.co.uk/news/2024/04/03/not-even-elon-can-stop-ev-disaster/

Exit mobile version