Why EV Sales Are Falling | CNBC Marathon
Why EV Sales Are Falling | CNBC Marathon
CNBC Marathon explores the decline of electric vehicle sales and its implications.
In August 2023, it took about twice as long to sell an EV in the U.S. as it did the previous January. Prices of EVs are down 22% year-over-year and that’s mainly driven by Tesla. About two thirds of EVs sold are Elon Musk’s brand. Companies like Ford have ramped up hybrid production as demand has leveled off.
Used EV prices are falling. Studies show that used EV prices fell somewhere around 30 percent in September and October 2023 from the same period in 2022. Used overall vehicle prices including internal combustion engines (ICE), hybrid and EVs declined by only around 5 percent.
In October 2021, Hertz publicly announced it intended to buy 100,000 Tesla vehicles. Newly emerged from bankruptcy, Hertz had a bold plan to lead the EV revolution in car rental. Shares of Hertz soared, as did Tesla’s – its market value hit $1 trillion. First mover advantage aside, it would help Hertz distinguish itself in an industry plagued by commoditization. But only a couple of years in, the rental company’s EV strategy is facing some serious challenges: pricing troubles, skyrocketing repair costs and low resale values. Meanwhile big rental rivals are holding back on EVs.
Chapters:
00:00 Introduction
00:34 Why EVs Are Piling Up At Dealerships In The U.S (Published October 2023)
17:21 Why Used EV Prices Are Falling (Published December 2023)
32:29 Why Hertz’s Bet On Tesla Isn’t Paying Off In The U.S. (Published December 2023)
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Why EV Sales Are Falling | CNBC Marathon
The headline is a straight up lie.
I just bought a BMW I3 and I love it. If I run out of power it goes to gas mode.
If you are sucking on OPEC pp for half a century, you would love this to be true.
I own 3 EV’s and I would never go back to a gas’er. 😎⚡️
I’ll keep the 570 miles of range with my Jaguar XJL and leave well enough alone..
While the US is kicking the can of the EV revolution… China is in full throttle… it will only take a few years for China to take all worldwide EV demand…. In Mexico the only US EV company is Tesla.. But there are 10 EV chinese agencies selling EVs this year… they are eating all the EV demand here… gasoline stations are projected to be migrated to electric charges…. meanwhile this oil dinosaurs want to keep the oil industry alive
Sales on ALL vehicles are low. EVs are just a part of it. They are all way too expensive. Go to any lot and look at the price of what we would all thought a “cheap” car was, and you’ll see the problem.
3:40 Bro who is your infotainment screen broken? 😢
Just face the reality.
EVs are scam(specially Chinese made).
Companies need to make EV that can compete with hybrid cars. You can easily buy a hybrid at 32k where a EV is 50k for a similar vehicle with the same features and in some case less futures.
29:56 Because EVs emit EMF radiation.
Where do the old ev lithium batteries end up? Toxic waste ? Seems fake green and false economy to me .
Why is a March 2024 video making predictions about car sales in the second half of 2023? And the video is based on statistics from dealerships while the largest and actually successful EV manufacturer does not use dealerships. Battery efficient dropping to 80% is incorrect, their capacity drops over the lifetime, not the efficiency. It takes less energy to fully charge a 10 year old EV battery. It is a small mistake but shows that the people selected to speak in this video are not involved in the EV car market at all. Talking about "high" $6/gallon fuel prices is also funny when they are about $10/gallon in Europe. The car market is a global market, even many cars sold in the US are not fully produced there.
Sales people at dealers have terrible customer service.
Was this video titled by the petroleum industry?
I am guessing that some of the Tesla sales decline is due to increased conspiratory behavior of the CEO on his social media platform that is putting more and more people off.
It’s because the cars are expensive and the interest rates are too high. It cost more to borrow money
Lol my old gas guzzler will never die !!!
Naw, I know multiple family members who bought evs, and several more are in the market for evs. The issue is that in the next few years evs are gonna be even more amazing and hopefully more affordable so some people just might be waiting. I say but now and enjoy not having to go to the gas station!
I hope the consumers are happy about the price drop of EVs (used or new). Because I am.
after watching this entire video I am further convinced that pineapple belongs on pizza.
45k car, they want $700 per month. Madness. Ill stick with my old car until the lunatics drop prices.
Stupid and unsustainable Tech, doomed to fail
SO let me get this straight; interest rates rose from dang near nonexistent to 7% and sales of $100,000+ luxury items decreased? And house sales fell too? Wow, never would have guessed that having to pay a lot more for something would impact sales, whodathunkit…
Japan’s EVs are the best in the world.
I set up a vehicle called a train all over the city.
Who cares??? EV’s are not about consumer wants and desires. They are about what’s necessary to sustain life on this plant. EV’s are the future. Period. Does not matter one bit what consumers want.
15:00 wah wah wah tesla ate our breakfast and drink our milkshape
Um, maybe because I don’t want an EV, and neither do most people?
When you buy an EV, you’d better invest in a trailer to tow the fire fighting appliances.
The two man reasons why i havent bought an EV yet, is price, even though i techically can afford it, and i have a hybrid that has at least 5 more usuable years on it. Theres just no need for me to get on for a few more years.
Feel said in USA, U can buy a New EV as low as $5000 in China。
Face it. As fossil fuel reaches $3 per litre, meaning over $200 for a fill up, mentality will favour EV’s 🧐
lets see what happens when gas is $5/gal and rising
How many times a year you go on a long drive. Rent a car when you need it. Simple as that.
"Neither" is singular.
Neither this one nor that one is likely to grow wings and fly away, OK?
Why are we talking about august 2023 in April 2024 lol
Current EV will be pure junk in 3 to 5 years
https://www.youtube.com/watch?v=U9yZKybiKV8
CNBC is biased in this topic
Meanwhile BYD heavily invest on Brazil and The Shenzhen-based carmaker has started construction on a US$680 million plant in Brazil’s Bahia state, with operations likely to commence by end-2024.
Nice propaganda piece sponsored by dealerships, all with flashy cars in the back as product placements. Hybrids are being shilled too, because the big old manufacturers make them and the dealers get lots of kickback.
EVs aren’t the saviours they pretend to be and a lot of the marketing is based on green-washing propaganda too, but this piece is just worse.
I get concerned hearing about the electric grid crashing in places like California with the most EVs. Also don’t see EVs being great for interstate travel until there’s more charging stations and quicker charge times.
Also EVs are creating equivalent carbon emissions just from tire wear, recent studies found.
I am waiting to buy my EV because the price war thta Tesla started. I am holding until the best prices. It seems the T M Y at $36k after rebates seems to be a very good deal
If you can’t fireproof your house, then you shouldn’t buy an EV. For the real cheapskate, park it in your least favourite neighbour’s driveway.
It price, that’s all it is, people are poorer than 2008. The number of people that can afford them have mostly already bought them.
Another liberal failure. The fascist in the white house tried to force EVs on people when nobody wanted them. How much money did liberals waste this time?
It’s simple. Government meddling always F’s things up.
When the gas gets back to $7-8 the EV sales will soar. No worries.
German EVs are sinking ships.
Lucid cars are about 500mi per charge. Is that not enough?