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fliptop writes:

Last week, the House approved a resolution to block the Biden administration's emissions rule that would require more than half of the automobiles sold in the new-car market to be electric by 2032. The 215 representatives who voted for the bill, including eight Democrats, are far more in tune with most of the country than the White House:

Nationwide, the inventory of unsold EVs had grown by nearly 350% over the first half of 2024, creating "a 92-day supply — roughly three months' worth of EVs, and nearly twice the industry average," says Axios, which is 54 days for gasoline-powered vehicles.

Ford, which lost nearly $73,000 on each EV it sold in the second quarter of 2023, continues to yield to reality, now ditching its plans to build a large electric SUV. This "course change," says Just the News, "comes amid lower-than-expected demand for electric vehicles."

[...] "Based on where the market is and where the customer is, we will pivot and adjust and make those tough decisions," said John Lawler, Ford's chief financial officer.

[...] "Of the U.S. consumers planning on purchasing a new vehicle in the next 24 months, only 34% intend to purchase an EV, down 14% from 48% in the 2023," says Ernst & Young's Mobility Consumer Index, "a global survey of almost 20,000 consumers from 28 countries."

The story is much the same in Britain. EVs "are losing value at an 'unsustainable' rate as a slowdown in consumer demand sends used car prices tumbling," the Telegraph reported last week. Meanwhile in France, "the EU's second largest market for battery electric vehicles behind Germany," deliveries have fallen by a third.

Germans are likewise losing interest, as the country has "suffered a 'spectacular' drop in electric car sales as the European Union faces growing calls to delay its net zero vehicle targets," the Telegraph said in a separate story.

Related:

• Stellantis Lays Off Thousands of Workers after Pocketing Hundreds of Millions in EV Subsidies
• VW Turns on Germany as China Targets Europe's EV Blunders
• South Korean EV Battery Makers Reporting Big Losses as EV Demand Slows
• Tesla Lays Off 'More Than 10%' of its Global Workforce
• Why are All the EVs so Expensive?

Original Submission

1. "fliptop" - https://soylentnews.org/~fliptop/
2. "approved a resolution to block the Biden administration's emissions rule" - https://apnews.com/article/epa-tailpipe-emissions-electric-vehicles-republicans-1a1e4f817f21b593d8573a2bc8582474
3. "far more in tune with most of the country than the White House" - https://issuesinsights.com/2024/09/24/the-ev-graveyard/
4. "grown by nearly 350%" - https://www.axios.com/2023/07/10/unsold-electric-cars-are-piling-up-on-dealer-lots
5. "lost nearly $73,000 on each EV" - https://issuesinsights.com/2024/04/19/could-evs-compete-in-a-true-free-market/
6. "course change" - https://justthenews.com/nation/technology/ford-scraps-plans-electric-suv
7. "down 14% from 48%" - https://www.ey.com/en_us/newsroom/2024/09/us-consumers-less-likely-to-purchase-an-ev-than-last-year
8. "losing value" - https://www.telegraph.co.uk/business/2024/09/16/second-hand-electric-car-prices-falling-faster-rate/
9. "Telegraph said in a separate story" - https://www.yahoo.com/news/germany-suffers-spectacular-70pc-drop-094729805.html
10. "Stellantis Lays Off Thousands of Workers after Pocketing Hundreds of Millions in EV Subsidies" - https://soylentnews.org/article.pl?sid=24/09/10/1112229
11. "VW Turns on Germany as China Targets Europe's EV Blunders" - https://soylentnews.org/article.pl?sid=24/09/06/1515229
12. "South Korean EV Battery Makers Reporting Big Losses as EV Demand Slows" - https://soylentnews.org/article.pl?sid=24/08/10/0134205
13. "Tesla Lays Off 'More Than 10%' of its Global Workforce" - https://soylentnews.org/article.pl?sid=24/04/15/142230
14. "Why are All the EVs so Expensive?" - https://soylentnews.org/article.pl?sid=23/12/06/0340225
15. "Original Submission" - https://soylentnews.org/submit.pl?op=viewsub&subid=63879

printed from SoylentNews, The EV Graveyard on 2024-10-06 10:56:43