EV craze losing fuel?

Electric vehicles, the electricity-drawn vehicles fondly dubbed EVs, are the current eco-friendly automotive industry trends. Modern car lovers refer to them as the future modes of transportation. For, EVs are based on the technology of moving on alternative energy. Well, with much excitement, in the post-COVID era, a band of enthusiastic car sellers boarded the flight devised and designed to take the succeeding generations towards an array of cars running on renewable energy. But is that dream losing its aura within four years after the venture? This question has started knocking on the doors of vehicular research and development establishments.

Why is the demand for EVs going down?

Although initially, car makers thought EVs would pose a serious challenge to Hybrid (HEV) cars, the current market readings suggest that the former is finding the latter to be its archenemy in gaining a global market. The prospect of having stability in terms of sales seems like a headwind. More alarmingly, the intensity of fear in the concerned selling hubs has already registered a sharp rise. Market analysts believe three major reasons are causing this depression in sales of EVs:

• A sharp decline in resale price: Automotive market operators have noticed that the resale price of EVs has come down drastically. It has become a global scenario. The reason may be that EVs have not yet become a demand or need among cost-conscious car buyers. To them, they are still either a luxury or a secondary choice. That's the reason they are not buying a second-hand luxury car.
• Unclear government stances: Frequent elections are being held globally. One government goes and another comes to power; one political perspective gives way to another. Only a few days ago, Republicans won the elections in the US. As it now stands, it is unclear what policies the next government will adopt regarding EVs. So, EV makers are in a great dilemma.
• Shortage of charging stations: EV cars were launched with the promise of enough charging stations. However, it now seems that the mathematics of fulfilment is far from reality. The lack of charging stations is a major concern for EV buyers. There are still not sufficient numbers of charging stations against the ratio of the total number of EVs sold so far.
• Middle class still prefers traditional cars: The middle class still keeps a safe distance from EVs. Only because the prices of EVs are beyond their reach. Plus, their knowledge of the latest kinds of cars is too limited. Also, the car companies are not spending that much money on promotions of their respective EV brands.

Are EV sales facing a downward trend in India?

The latest Vahan website data shows that EV sales are slowing down in India. A gradual downward curve has been recorded in the sales after March 2024. The sales of August 2024 were about 5%^* less than the mark registered in the same quarter a year earlier.

All the major EV makers like Tata, MG, and Mahindra have not only put the new tranche of cars on hold but have also delayed the launch of the new segments of EV cars.^** The reason is quite simple to understand. Due to the slowing economy, dipping GDP, and higher inflation, people are not inclined to spend money on something unconventional. Besides, EVs for most Indians are still not a trustworthy replacement for conventional modes of transportation.

Charging is also a concern. The latest cases of burning cables of Ola scooters have once again renewed the debate on whether EVs can replace traditional vehicles that run on petroleum fuels.^#

The biggest issue with EVs

The biggest challenge with EVs is the trust of professional drivers. Drivers with less knowledge of the technological aspects of rechargeable lithium-ion batteries come in the way of the success of EVs. Also, the common man is not sure about the lifespan of the ion batteries. He is hesitant to try a vehicle that may or may not exceed the distance promised by the sellers. Besides, the incidents of over-heated cables catching fire loom large at the back of his mind.

Is the worry real, or a rumour?

EVs losing firepower may as of now seem a reality. For, the arithmetic of profit is not going the desired way. Of course, there are some obvious reasons. But inevitably, the fast-changing world will have to turn to EVs just because of the fact that the organic fuel reservoirs will not last long. In addition, the world has already generated an unwavering awareness against the ever-rising nuisances of global warming.

Conclusion

True, EVs are the future. But that future needs proper treatment on the way to fruitfulness. They are a dream. But, that dream needs caring. They are an aspiration. But, that aspiration needs further development in terms of its return against human investment of hard-earned money. Once all these issues are addressed, EV will have its path ready to fuse with the ultimate triumph.

(*Source: Autocarpro)

(**Source: StudyIQ: Youtube)

(#Source: NDTV)