TECH - European EV Makers Say Climate Goals At Risk As Electric Car Market Is No Longer Growing: 'People Just Don't Earn Enough To Buy These...' | Benzinga
The European electric vehicle (EV) market is facing a significant downturn, raising concerns about the region’s ability to achieve its climate goals. This has prompted carmakers to urge governments for more support.
What Happened: The European EV market is experiencing a sharp decline in sales, indicating that the market is not yet self-sustaining. This has raised concerns about the region’s ability to meet its climate goals, as reported by Bloomberg on Friday.
"The market is no longer growing, and the share of electric cars in the market is actually decreasing," said Mattias Bergman, chief executive officer of auto industry group Mobility Sweden.
The decrease in demand for EVs has led to a surplus, congesting ports and prompting manufacturers to scale back production. This has raised concerns about the potential impact on the region’s climate goals and the risk of job losses, following Tesla Inc.‘s (NASDAQ:TSLA) recent mass layoffs.
"People just don't earn enough to buy these cars," said Laurent Favre, CEO of French auto-part supplier OPmobility. "There's a gap between supply and demand and it's normal that the subsidies won't last forever. Reality is catching up with us."
According to the report, the ...