Slump in sales of electric vehicles

• Published date: 12 April 2024
• Publication title: Irish Times (Dublin, Ireland)

This pattern has been replicated in Europe and the US. Adoption of new technologies tends to follow a well-established pattern

There is an initial surge in demand due to early adopters followed by a lag period before there is mass-market take-up.

The key challenge for developers and promoters of any new technology is to minimise this lag period.

There are three separate issues contributing to the lag period in mass-market adoption of EVs in Ireland.

First is the cost. Many motorists simply cannot afford the higher prices that EVs are sold at.

Chinese EV manufacturers are rolling out more affordable models and this is challenging established manufacturers to match these prices.

These lower prices will give a considerable boost to EV uptake, but there are indications that the EU is not happy with what it sees as state-subsidised EV manufacturing in China. As a consequence the benefits of these lower-priced EVs may take time to materialise.

Second, the resale value of EVs is perceived to be much lower than petrol or diesel cars. As car and battery technology continues to develop, there is less demand for second-hand EVs that are seen as having older technology, leading to poorer resale prices.

The perception that batteries may have to be replaced, at considerable cost, soon after buying a second-hand EV, is a related issue.

Manufacturers and suppliers need to do much more to highlight the long and guaranteed lifetime of EV batteries to reassure motorists who see this is a possible issue.

Third, there is still a problem with charging infrastructure. A significant proportion of early adopters...