News Formal

Buyers Shun EVs, Undermining Market for New and Used Cars

  • 📰 straits_times
  • ⏱ Reading Time:
  • 27 sec. here
  • 19 min. at publisher
  • 📊 Quality Score:
  • News: 73%
  • Publisher: 69%

Business News

Evs,Subsidies,Technology

Buyers are shunning EVs due to a lack of subsidies, a desire to wait for better technology, and continued shortfalls in charging infrastructures. The shift away from cars with dirty combustion engines is running into a new hurdle: Drivers do not want to buy used electric vehicles (EVs), and that is undermining the market for new ones, too. In the US$1.2 trillion (S$1.6 trillion) second-hand market, prices for battery-powered cars are falling faster than for their combustion-engine cousins. Buyers are shunning them due to a lack of subsidies, a desire to wait for better technology, and continued shortfalls in charging infrastructures. Sparked by Tesla and competitive Chinese models are further depressing values of new and used cars alike, threatening earnings at rivals like Volkswagen (VW) and Stellantis. Because most new vehicles in Europe are sold via leases, automakers and dealers who finance these transactions are trying to recover losses from plummeting valuations by raising borrowing costs.

Buyers are shunning EVs due to a lack of subsidies, a desire to wait for better technology, and continued shortfalls in charging infrastructures. The shift away from cars with dirty combustion engines is running into a new hurdle: Drivers do not want to buy used electric vehicles (EVs), and that is undermining the market for new ones, too. In the US$1.2 trillion (S$1.6 trillion) second-hand market, prices for battery-powered cars are falling faster than for their combustion-engine cousins.

Buyers are shunning them due to a lack of subsidies, a desire to wait for better technology, and continued shortfalls in charging infrastructures. Sparked by Tesla and competitive Chinese models are further depressing values of new and used cars alike, threatening earnings at rivals like Volkswagen (VW) and Stellantis. Because most new vehicles in Europe are sold via leases, automakers and dealers who finance these transactions are trying to recover losses from plummeting valuations by raising borrowing costs

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Why Tim Hortons bets on 'third-place' to be first in Singapore's coffee marketTim Hortons aims to dominate the 'third place' in Singapore's coffee market to compete against local brands and grab-and-go models.
Source: SBRMagazine - 🏆 13. / 51 Read more »