After years of accelerating growth, Europe's electric car sales appear to be entering a go-slow zone as drivers wait for better, cheaper models that are two to three years down the road.
Dealers in Germany and Italy as well as research by four global data analysis firms say there is more behind the slower uptake than economic uncertainty, with the consumers unconvinced that EVs meet their safety, range and price needs.
And most new models in the pipeline targeting entry-level consumers will not hit the market before 2025 at the earliest – by which time they will be contending with an expanded Chinese line-up from BYD (002594.SZ) to Nio (9866.HK) in Europe.
“You want to do the right thing for the environment, but it feels like you’re setting yourself up for a very expensive investment that will make your life that bit more complicated,” Garcia, a 29-year-old corporate media director, said.
Critics have long warned that a lack of affordable EVs would eventually stall the steep sales growth boosted by early adopters and corporate fleets.
Ford and GM warned recently they were delaying the launch of cheaper EV models and pulling back on spending due to weaker demand and higher costs in the wake of new United Auto Worker contracts.
Philip Nothard, insight director at dealer services firm Cox Automotive, said low residual values also put buyers off as companies and many consumers choose new cars based on what they can sell them for a few years down the line.
The original article contains 662 words, the summary contains 218 words. Saved 67%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Dealers in Germany and Italy as well as research by four global data analysis firms say there is more behind the slower uptake than economic uncertainty, with the consumers unconvinced that EVs meet their safety, range and price needs.
And most new models in the pipeline targeting entry-level consumers will not hit the market before 2025 at the earliest – by which time they will be contending with an expanded Chinese line-up from BYD (002594.SZ) to Nio (9866.HK) in Europe.
“You want to do the right thing for the environment, but it feels like you’re setting yourself up for a very expensive investment that will make your life that bit more complicated,” Garcia, a 29-year-old corporate media director, said.
Critics have long warned that a lack of affordable EVs would eventually stall the steep sales growth boosted by early adopters and corporate fleets.
Ford and GM warned recently they were delaying the launch of cheaper EV models and pulling back on spending due to weaker demand and higher costs in the wake of new United Auto Worker contracts.
Philip Nothard, insight director at dealer services firm Cox Automotive, said low residual values also put buyers off as companies and many consumers choose new cars based on what they can sell them for a few years down the line.
The original article contains 662 words, the summary contains 218 words. Saved 67%. I’m a bot and I’m open source!