KEY POINTS TO TAKE AWAY
Firstly , there ’ s the blip in EV sales . Although China witnessed slowing sales towards the end of last year , Miller suggests this is remedied by a pivot towards cost reduction within the EU market . While European countries are coming on board with EVs , the restriction they face is the cost of manufacturing , which inherently becomes a cost to the consumer .
The second point – a potential saving grace for some buyers – is the reduction in battery prices , which will buffer the slowing demand in the industry , yet still plays into the hands of Chinese automakers as they continue to dominate low-cost electrification . The reduction in battery costs is a blanket change that will hopefully allow continued trade of EVs and encourage more drivers to make the switch , but the industry must not underestimate the constraints on consumers as the cost-of-living challenges a lot of countries are impacted by global energy supply disruption .
In terms of charging , consumers are still concerned about the number of charging stations available to them . The global heavy-duty charger market is expected to exceed double the market value of 2022 and become around 1.5 times larger than in 2023 .
EVMAGAZINE . COM [ Jan 2024 ] 29