It’s clear the electric car sales surge witnessed since 2021 is losing its momentum. EV sales slowed in April, the first month in three years they’ve shown negative growth. Part of the reason, high prices as Government rebates are wound back, lack of recharging infrastructure, particularly in the country, and according to Kia CEO Damien Meredith, “early adopters have taken their fill.” As he says, “we’re now looking at market realities and what’s occurring with cost.” Large discounts are emerging on 2023 build electric car stock, $15,000 on a Polestar 2 and Nissan Leaf, $10,000 on the Tesla Model Y and Renault Megane E- Tech and as much as $25,000 on a e2008 Peugeot. As I’ve said all along, early electric car adopters are going to suffer long term with very poor resale values as they reach the end of their battery warranty.

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