CNBC | Why EV Sales Are Falling | CNBC Marathon @CNBC | Uploaded March 2024 | Updated October 2024, 7 hours ago.
CNBC Marathon explores the decline of electric vehicle sales and its implications.
In August 2023, it took about twice as long to sell an EV in the U.S. as it did the previous January. Prices of EVs are down 22% year-over-year and that's mainly driven by Tesla. About two thirds of EVs sold are Elon Musk's brand. Companies like Ford have ramped up hybrid production as demand has leveled off.
Used EV prices are falling. Studies show that used EV prices fell somewhere around 30 percent in September and October 2023 from the same period in 2022. Used overall vehicle prices including internal combustion engines (ICE), hybrid and EVs declined by only around 5 percent.
In October 2021, Hertz publicly announced it intended to buy 100,000 Tesla vehicles. Newly emerged from bankruptcy, Hertz had a bold plan to lead the EV revolution in car rental. Shares of Hertz soared, as did Tesla’s - its market value hit $1 trillion. First mover advantage aside, it would help Hertz distinguish itself in an industry plagued by commoditization. But only a couple of years in, the rental company’s EV strategy is facing some serious challenges: pricing troubles, skyrocketing repair costs and low resale values. Meanwhile big rental rivals are holding back on EVs.
Chapters:
00:00 Introduction
00:34 Why EVs Are Piling Up At Dealerships In The U.S (Published October 2023)
17:21 Why Used EV Prices Are Falling (Published December 2023)
32:29 Why Hertz's Bet On Tesla Isn't Paying Off In The U.S. (Published December 2023)
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Why EV Sales Are Falling | CNBC Marathon
CNBC Marathon explores the decline of electric vehicle sales and its implications.
In August 2023, it took about twice as long to sell an EV in the U.S. as it did the previous January. Prices of EVs are down 22% year-over-year and that's mainly driven by Tesla. About two thirds of EVs sold are Elon Musk's brand. Companies like Ford have ramped up hybrid production as demand has leveled off.
Used EV prices are falling. Studies show that used EV prices fell somewhere around 30 percent in September and October 2023 from the same period in 2022. Used overall vehicle prices including internal combustion engines (ICE), hybrid and EVs declined by only around 5 percent.
In October 2021, Hertz publicly announced it intended to buy 100,000 Tesla vehicles. Newly emerged from bankruptcy, Hertz had a bold plan to lead the EV revolution in car rental. Shares of Hertz soared, as did Tesla’s - its market value hit $1 trillion. First mover advantage aside, it would help Hertz distinguish itself in an industry plagued by commoditization. But only a couple of years in, the rental company’s EV strategy is facing some serious challenges: pricing troubles, skyrocketing repair costs and low resale values. Meanwhile big rental rivals are holding back on EVs.
Chapters:
00:00 Introduction
00:34 Why EVs Are Piling Up At Dealerships In The U.S (Published October 2023)
17:21 Why Used EV Prices Are Falling (Published December 2023)
32:29 Why Hertz's Bet On Tesla Isn't Paying Off In The U.S. (Published December 2023)
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Want to land your dream job in 2024? Take CNBC’s new online course How to Ace Your Job Interview to learn what hiring managers are really looking for: https://cnb.cx/4871WwH
Connect with CNBC News Online
Get the latest news: cnbc.com
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC on Threads: https://cnb.cx/threads
Follow CNBC News on X: https://cnb.cx/FollowCNBC
#CNBC
Why EV Sales Are Falling | CNBC Marathon
