Authored by Mike Shedlock via MishTalk.com,
via Zero Hedge
The market for used EVs is plummeting. What will car rental companies do with the used ones? Problems started in China but have spread to Europe and the US.
Hoot of the Day“EV graveyards are a result of unconstrained capitalism.”
Mercy!
The Chinese government literally forced people to buy the damn things. Biden is attempting the same in the US.
That article is from August. Let’s flash forward to December 21 to see how things are going in Europe.
No One Wants Used EVs, Making New Ones a Tougher Sell Too
What started in China is not limited to China. A second Bloomberg article reveals No One Wants Used EVs, Making New Ones a Tougher Sell Too
... Continue reading >>> RELATED:Because most new vehicles in Europe are sold via leases, automakers and dealers who finance these transactions are trying to recover losses from plummeting valuations by raising borrowing costs. That’s hitting demand in some European markets that were in the vanguard of the shift away from fossil fuel-powered propulsion. Some of the biggest buyers of new cars, including rental firms, are cutting back on EV adoption because they’re losing money on resales, with Sixt SE dropping Tesla models from its fleet.
The problems are expected to intensify next year, when many of the 1.2 million EVs sold in Europe in 2021 will come off their three-year leasing contracts and enter the secondhand market. How companies tackle this problem will be key for their bottom lines, consumer confidence and ultimately decarbonization — including the European Union’s plan to phase out sales of new fuel-burning cars by 2035.
“There isn’t used-car demand for EVs,” said Matt Harrison, Toyota Motor Corp.’s chief operating officer in Europe. “That’s really hurting the cost-of-ownership story.”
“One has to slash prices significantly just to get customers to look at EVs,” said Dirk Weddigen von Knapp, who heads a group representing VW and Audi dealers.
Soaring Lithium Prices Putting Transition To Electric Cars In Doubt
With battery quality Lithium Carbonate regularly trading at above $US70,000 per ton the impact of this soaring cost of the essential material in batteries for electric vehicles is starting to impact the push to abandon fossil fuels . Worse still, analysts are predicting lithium prices will continue to rise as demand for electric cars and goods vehicles grows.
VW Audi Suspends Electric Vehicle Production Due To Battery Shortage
Today in “news that affects all electric vehicle manufacturers”, Audi has announced that it has suspended production of its e-Tron electric SUV effective February 20 and won’t resume untilfurther notice. The suspension has been a resolve of “resolving production issues”, which are mainly attributed to bottlenecks in battery supply, according to Business Insider.
Tesla Stock Hit After German Regulator Warns Self-Driving Cars Are Unsafe
While the Tesla company and its Ubernerd founder Elon Musk have for several years been the darlings of the stock markets and the media, things may be changing. Like most technology startups, Tesla talk a good launch but fail to deliver real results. Since the cars launched to widespread admirationed at the elegant design, and open mouthed shock at the huge price tags and ...
Google Self Driving Car Can't Drive Itself
A lot of nerdy types have been getting very excited about the self - driving cars being developed by Google. Being nerdy they are not making such a fuss about the decent looking rides being developed by the likes of Mrecedes Benz, General Motors and Toyota. No, it's the Google wankermobile that turns them on.
All The Reasons You'll Ever Need For Not Buying An Electric Car As Tesla Electric Car Turns Into Firebomb after Collision.
The electric car thing will not go away will it, ever since the science tits who work for Big Tech started proposing that electric cars are the future it has been proved many times in many ways that they are not. Cost, extremely limited range and safety are mong the reasons. And here as a Tesla goes up in smoke, is another ...
Google Car Driverless Because No Sane Person Would Be Seen Dead In One
A few years ago Google boss Eric Schmidt said the company's aim was to get as close to creepy as they could without crossing the line. Well they had crossed the line long before he said that. The latest Google wirdness is the much hyped driverless car. It looks as if it was designed by a five year old. On the other hand it might be the ideal car for paedophiles who want to go cruising for jailbait.
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