Picture proves EV market is in trouble

The image of a parking lot full of unsold Teslas shed light on the electric vehicle market, which is not as robust as manufacturers would like to believe.

About 2,000 teslas arrive at the Port of Melbourne every month, but there are no buyers to take them home.

Peter Anderson of the Victorian Transport Association told 7News: “All of a sudden we have a huge backlog of Teslas that are not moving.

“Teslas usually come to this country pre-sold. They are not, they are sitting here waiting for buyers.”

Tesla’s sales fell 44 percent in April despite recent price cuts as it seeks to compete with China’s growing electric vehicle market.

The all-new Tesla Model Y is now $11,400 cheaper, and they’re not the only ones cutting prices.

The Peugeot e2008 has been heavily discounted from $63,000 to $39,990. At the lower end of the market, GWM Ora fell 20 percent to $35,990.

Overall sales of electric cars fell by five percent in April after successful year-on-year growth over the past three years.

Auto experts say the industry is struggling to expand beyond the early adopter stage, blaming poor charging infrastructure and poor resale data.

Sky News car expert Caleb Bond said: “The market has really softened, people aren’t buying them in the same numbers as they were because they’ve realized it’s all a hoax.

“One of the big scams is that these things have no resale value.

“There are two reasons for this. One is that the price of new electric vehicles goes up again because they can’t sell them.

“Now manufacturers are significantly reducing their prices in the store.”

Bond went on to say that as the technology improved every year, the old electric cars quickly became cheaper.

“It’s no surprise people aren’t buying them,” he added.

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