21 Mar 2024

Electric Vehicles: batteries discharged

The end of internal combustion engines is scheduled for 2035 in the EU and Switzerland, yet electric cars sales are not taking off mainly due to their steep prices as well as drivers’ apprehensions surrounding the sparse recharging infrastructure. The mounting skepticism toward electric vehicles has cost Hertz CEO Stephen Scherr his position, last week, as he had heavily invested in electric vehicles only to reverse course. Apple has also recently halted its electric vehicle project after sinking USD 1 bn into it. For those who take the step, the preference goes to affordable Chinese models. China’s BYD has already overtaken Tesla becoming the world's largest EV manufacturer. In the face of this Chinese wave, western manufacturers are struggling to keep pace, and Tesla’s profitability has been declining due to the massive price reductions it has been making. In light of this shifting landscape, a question arises: should Europe and Switzerland reevaluate their strategy and consider easing or postponing their ban on combustion engines cars?


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