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The EV Bust in Europe Is a Red Flag for Region's Climate Goals [BNN Bloomberg (Canada)]
Last tesla, inc. earnings: 4/29 04:11 pm
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US:NASDAQ Investor Relations: ir.tesla.com
The glut is clogging up ports and factories are cutting production — a red flag for the region's climate goals and risk of job cuts after Tesla Inc.'s mass layoffs this week. Without subsidies, the cost of EV ownership no longer makes sense for many drivers. Insurance and repairs are more expensive than for combustion-engine cars, and many would-be customers still bristle at limited charging infrastructure. At the same time, rapid technological advances and Tesla's price war are causing resale values to plummet, putting ownership further out of reach. “We are losing momentum,” said Mattias Bergman, chief executive officer of auto industry group Mobility Sweden, where sales slumped by nearly a fifth during the first quarter. “The market is no longer growing, and the share of electric cars in the market is actually decreasing.” For the industry, it's too late to turn back the dial. Volkswagen, Mercedes-Benz, Stellantis and other carmakers have invested billions and are now grappl
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