[1/2] A Tesla electric vehicle is plugged to a charger in a parking lot in Teia, north of Barcelona, Spain, October 31, 2023.
High interest rates and a subdued market are putting customers off, they warned, with Volkswagen's EV order intake half what it was last year.
Reuters GraphicsFALLING BEHINDCritics have long warned that a lack of affordable EVs would eventually stall the steep sales growth boosted by early adopters and corporate fleets.
A weaker performance in September, consumer sentiment surveys and bleak commentary from carmakers and dealers indicates that low growth era may have arrived.
"We call it the valley of death, which we will be going through in 2024 to 2027: low residual values, high supply, and low demand," Nothard added.
Persons:
Albert Gea, EVs, Thomas Niedermayer, Flavia Garcia, Tom Carvell, Martina, AutoTrader, Garcia, We'll, Critics, Felipe Munoz, Alistair Bedwell, Langston, Ben DuCharme, Philip Nothard, Nothard, Victoria Waldersee, Nick Carey, Giulio Piovaccari, Paul Lienert, Sumanta Sen, Alexander Smith
Organizations:
REUTERS, Tesla, Volkswagen, Mercedes, Benz, Reuters Graphics Dealers, Toyota, HK, Reuters Graphics, Ford, GM, United Auto Worker, JATO Dynamics, Langston, Cox Automotive, Thomson
Locations:
Barcelona, Spain, LONDON, Europe, Germany, Italy, Bavarian, Edinburgh, Scotland, Britain, BYD, Nio, U.S, Rome, Detroit