The West's 360-Degree Cycle of EV Collapse Enters Its Next Phase

The collapse of the Western world’s EV boomlet has evolved rapidly over the last year or so. The first inklings made their way into the legacy media with a rash of complaints by car dealers around the US that their lots were being overwhelmed with electric models shipped in by carmakers that customers did not want to even test drive, much less buy.

That quickly evolved into dealers refusing to take delivery of additional inventory, forcing the supply bottleneck back to the factories. In the Fall, stories circulated that more than a thousand of Ford’s US dealers had outright refused to even take part in that company’s EV costly training and sales program entirely. The company had worked hard to keep that story from public view even as it reported multi-billion-dollar quarterly losses from its struggling Mode e EV division across the year.

Late in 2023, it became obvious that pure-play EV makers like Fisker, Rivian and others were falling into imminent insolvency issues amid government statistics that first showed the rate of demand growth for EVs slowing, and quickly evolved into showing little to no growth at all. It seems almost inevitable that the second half of this year will be filled with news of EV demand contracting in real terms as both consumers and companies retreat from the EV mania that was driven by government propaganda adn eagerly parroted by a lapdog media establishment.

The first half of 2024 has been filled with company-specific stories that serve as clear indicators of the demand collapse to come. Tesla reported its worst financial results in recent memory, with Q1 deliveries dropping drastically from Q4 2023, and even significantly lower than Q1 2023. Tesla and other US EV makers invoked dramatic price cuts to try to sell off their bloated inventories, with Rivian discounting the asking price for its full-size SUV model by a whopping 40%.