Vinfast electric car being produced in Vietnam. Photo by Kyle Field | CleanTechnica.

Is All The Anti-EV Sales Hype Driving Costs Down Faster?

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There are multiple things going on at once here.

First of all, the big big picture is that electric car sales have grown enormously in the past decade, far more and far faster than almost all conventional industry analysts and insiders expected.

Secondly, growth right at this moment is a little slower than some had hoped or anticipated. Ford and GM reportedly aren’t reaching their EV sales targets, while Tesla is cutting prices (in the US and China) to keep the growth going. Furthermore, a mixture of players in the US and Europe have been stating repeatedly that high interest rates are keeping sales down — across the auto industry, but including BEVs.

Then, third, we’ve got all of the “EV SALES ARE CRASHING and THE SKY IS FALLING” hype. The claim that “people don’t want to buy electric cars” has spread far and wide, despite the fact that EV sales have been growing so strongly. The good news: this may actually be helping the EV revolution in a roundabout way!

“Pessimism around electric vehicles is pushing down the cost of the materials needed to make them,” Autocar writes. But who’s saying this? Who actually has insight and authority on this and is backing up the claim? How about the CEO of one of the largest auto companies in the world, Stellantis? “Many people are talking about the slowdown on the BEV demand, which has had a huge impact on the raw material cost,” Stellantis CEO Carlos Tavares recently said. “That is helping us to reduce the total production cost on BEVs faster than [ICE vehicle cost].”

Image courtesy of Peugeot.

I already wrote about Stellantis making a profit on plugin electric vehicles and not pulling back on its EV plans. Though, these broader comments about the EV industry and materials costs are positive comments to keep in mind with many discussions at the moment. The EV revolution is in full force. The narrative may twist and turn, but the costs are coming down and electric vehicles are getting more competitive by the day. By 2030, those record 2023 sales will look tiny.

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Zachary Shahan

Zach is tryin' to help society help itself one word at a time. He spends most of his time here on CleanTechnica as its director, chief editor, and CEO. Zach is recognized globally as an electric vehicle, solar energy, and energy storage expert. He has presented about cleantech at conferences in India, the UAE, Ukraine, Poland, Germany, the Netherlands, the USA, Canada, and Curaçao. Zach has long-term investments in Tesla [TSLA], NIO [NIO], Xpeng [XPEV], Ford [F], ChargePoint [CHPT], Amazon [AMZN], Piedmont Lithium [PLL], Lithium Americas [LAC], Albemarle Corporation [ALB], Nouveau Monde Graphite [NMGRF], Talon Metals [TLOFF], Arclight Clean Transition Corp [ACTC], and Starbucks [SBUX]. But he does not offer (explicitly or implicitly) investment advice of any sort.

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