What Happened to Electric Vehicle Sales

To try everything Brilliant has to offer for free for a full 30 days, visit You’ll also get 20% off an annual premium subscription. Sales growth of electric vehicles has slowed dramatically this year. Tesla delivered 20% fewer cars in the first quarter of 2024 than in the prior quarter, and BYD who was previously the world’s biggest EV maker saw sales decline more than 40% over the same period. BYD’s EV sales were still up 13% when compared to the same quarter a year earlier, while Tesla’s sales were down 9%. Both companies have been slashing prices to stimulate demand. While EV sales overall are still rising, they are rising at a slower rate than before. On top of that, the space has become more competitive as legacy automakers have introduced new EVs, and Chinese manufacturers have ramped up exports, overtaking Japan as the world's biggest vehicle exporter last year. Apple, who spent a decade and ten billion dollars on research, decided in February to end their efforts to build an electric car. The Apple car would have likely cost over $100 thousand dollars and would have had lower profit margins than their core consumer electronics business. Apple’s stock price rose on the announcement that they were abandoning their EV project. Patrick's Books: Statistics For The Trading Floor: Derivatives For The Trading Floor: Corporate Finance: Ways To Support The Channel Patreon: Buy Me a Coffee: Visit our website: Follow Patrick on Twitter Here: Patrick Boyle On Finance Podcast: Spotify: Apple: Google Podcasts: Join this channel to support making this content: Videos Mentioned: @TheIntercooler @harrysgarage