After years of uninterrupted growth and optimism, EVs are hitting a wall with lower market percentages worldwide.
Countries including the United States, Europe, China, and others are signalling a deceleration in EV adoption this year.
Australia reflects this trend, witnessing a decline in EV market share from 7.2% in 2023 to 5.4% in January.
Various factors contribute to this deceleration, including rising inflation in many countries, the high cost of full EVs without subsidies, the absence of electric commercial vehicles, reduced mileage in cold weather, and an uneven distribution of charging infrastructure.
Mike Costello from Cox Automotive shares his key insights on the EV landscape.
