EV Sales Slump: A Global Reality Check

Now that the shine and allure of being the 'new fad' and government subsidies are starting to wear off - along with a marketplace full of super-saturated competition and robust supply - EVs simply aren't selling.

That was the topic of a new FT report that claims the auto industry’s shift toward EVs, once seen as essential, is now facing serious challenges.

It cites for example that Northvolt, Europe’s top battery producer, filed for bankruptcy last week, casting doubt on the region’s industrial strategy. Additionally, Stellantis announced the closure of its UK van plant, risking 1,100 jobs, while Volkswagen and Ford also warned of significant job cuts and plant closures due to weaker-than-expected EV demand.