Opinion
The carnage in the EV industry is only just getting started
Electric carmakers are awash with red ink; costs are too high, much higher than for petrol cars; shortages of critical materials pushing prices higher all the time, and consumers are increasingly nervous.
Matthew LynnProfits at the German auto giant Mercedes plunged last Friday as sales of its slick new range of electric vehicles went into freefall.
Porsche abandoned its sales targets for battery-powered cars amid waning demand from customers. Ford is losing nearly $US50,000 ($A76,000) on every EV it sells, while Tesla’s profits dropped 45 per cent. Meanwhile, battery manufacturers such as Germany’s Varta are getting wiped out.
The Telegraph London
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