01 April 2024 – Manufacturers are reevaluating their plans as a result of the slowdown in the rise of sales of electric cars (EVs), which were once the talk of the automotive industry. This is expected to occur in 2024. According to a Canalys analysis, the pace of EV sales is anticipated to slow down this year, with a projected growth rate of 27.1% in the worldwide electric vehicle industry. The EV industry is at a tipping point, according to a new Goldman Sachs research study on electric cars, with hybrid and plug-in hybrid vehicles now offering fierce competition. Since the start of 2024, Europe, a major contributor to the development of EVs, has displayed indications of a slowdown.
A number of causes, including worries about EV capital expenditures owing to decreased used EV pricing, unclear government rules, and a lack of quick charging stations, are to blame for the decline in EV sales. These elements are affecting customer choices for plug-in hybrid electric vehicles and hybrid electric vehicles.
Conclusion
The bear-case scenario still predicts a 21% annual rise in EV sales volume in 2024, notwithstanding the recent downturn. Negative growth, on the other hand, can lead to overstock across the EV supply chain.
