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
Evs Subsidies Technology Charging Infrastructures Market Used Cars Combustion Engines Tesla Chinese Models Values Earnings Volkswagen Stellantis Leases Automakers Dealers Borrowing Costs
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Decline in Singapore's New Private Residential Sales VolumeSales volume dropped 8.5% QoQ as prices continued to climb. Higher prices and locations that are near amenities like transportation hubs and schools will make home buyers more discerning in 2024.
Read more »
Foreign Demand for Property in Singapore Declines Due to Increased Stamp DutyThe recent increase in the Additional Buyer’s Stamp Duty (ABSD) has led to a decline in property transactions in Singapore. Local buyers are now dominating the market.
Read more »
Unfriendly Seller Agents Avoid Sharing Co-Broking CommissionsMeeting unfriendly seller agents who ignore her texts "all the way" is common for 14-year veteran property agent Grace Cheong. Recounting creative "unethical" methods that seller agents use to avoid sharing co-broking commissions with buyer agents, Cheong said she once encountered an agent who blatantly postponed her buyer's viewing at Water Place in Tanjong Rhu to an indefinite date, and prioritised viewings with direct buyers who are not represented by any agent. As Cheong and her buyer contacted him separately, they managed to see through his ploy. But the agent subsequently insisted that her buyer could view the home that weekend only if he came unaccompanied.
Read more »
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.
Read more »
Foreign Demand for Property in Singapore Declines Due to Increased Stamp DutyThe recent increase in the Additional Buyer’s Stamp Duty (ABSD) has led to a decline in property transactions in Singapore. Local buyers are now dominating the market.
Read more »