Two years ago electric vehicles were the rage and so were the raw materials related to them but in the last six months there are signs of both these elements forming their first real-world peak. Hertz, the largest rental firm announced that it would sell 20,000 EVs due to high repair expenses.
The sales are rising globally thanks to a large contribution by China and India. Their running cost other than fuel is much higher compared to a fuel vehicle. Another problem is that the price falls after being used or even purchased. The average price of a used 2020 Tesla Model Y is down by 24% within the last 12 months.
This is because of two reasons, the first being that its raw material prices are down, forcing the passing on the benefits to consumers for saving market share. Second, the used EV's are unknown to the way they have been used and the impact of it on the actual range.
Today almost 16% of global vehicle sales are EVs. But as they increase so do the actual problems related to them. This does not indicate that its percentage of global vehicle population will not increase but the euphoria related to it might have peaked.
The next phase might be in 2030-35, when it's estimated that major players will either shut down the fuel vehicles completely. It might be appropriate to take this as a period in the digital car era in the making.
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