One issue that has taken the front and center of domestic and international politics in countries everywhere as of late is that of electric automobiles, green energy and climate change initiatives. In a recent report published by Daily Mail United Kingdom, Tesla sales have decline in Europe. Demand for electric vehicles have stalled in recent months, and the appetite of consumers for these electric luxury vehicles has also softened. Many countries had initially given major subsidies to individuals purchasing electric cars or implemented “green” energy policies, possibly a major reason for this decline and slowdown in the market. In September of 2023, the English Indian-heritage prime minister Rishi Sunak put a proposed ban on new gasoline and diesel powered cards (set to implement in 2030) on pause, pushing it back to 2035. Germany and Sweden, two other European nations, greatly cut subsidies for vehicles.
Toyota remains the world’s best-selling car brand. The brand, renowned for its reliability, durability, affordability, and economical vehicles has not jumped all over the electric vehicle craze like many other companies. Tesla sales plummeted by 20% in the first quarter of 2024, a sharp drop in comparison to the fourth quarter of the calendar year 2023. Elon Musk had previously stated that it was his goal to sell upwards of 20 million vehicles a year, but the company has now kept quiet about that number. Musk recently stated that the companies’ goal is to “displace” fossil fuels by selling as many cars as possible.
The poor statistics for Tesla come at a time when many other major companies are scaling back their electric vehicle investments. General Motors recently announced it would be reducing its electric vehicle plans in light of the slowing market. The company was profitable, but it is clear that consumers simply are not ready to invest in electric vehicles on a broad scale just yet. The company abandoned a target of 400,000 EV’s.
