Europe's electric car sales growth is slowing down as customers wait for better and cheaper models in the next two to three years

  • Automakers like Tesla, Volkswagen, and Mercedes-Benz are seeing decreased EV order intake due to high interest rates and a subdued market.
  • Consumers are uncertain about EVs meeting their safety, range, and price needs.
  • Lack of charging infrastructure, battery life concerns, and higher prices are discouraging potential EV buyers.
  • New EV models targeting entry-level consumers won’t hit the market before 2025, and competition from Chinese brands is expected to increase.
  • The lack of affordable EV options is stalling sales growth and affecting consumer sentiment.
  • U.S. automakers are also facing similar challenges with weaker demand and higher costs.
  • The slow demand for EVs will continue until more affordable options become available.
  • Automakers need to be mindful of competition from Tesla and Chinese brands to avoid falling behind.