• The global electric vehicle (EV) market suffered a dramatic collapse in January 2023 sales, with Rystad Energy research showing that only 672,000 units were sold.
  • Cuts in subsidies and tax credits across Europe and mainland China have dampened consumer sentiment and caused automakers to scramble for solutions to salvage the market in 2023.
  • The US is breathing new life into the EV market thanks to the Inflation Reduction Act, leading to an increase in both EV sales and market share year-on-year.

https://oilprice.com/Energy/Energy-General/The-Real-Reason-Why-Automakers-Slashed-EV-Prices.html