In a word, No. Yes, there is a lot of FUD that says they are but, overall, they are not. Here are some data points.
- This year, EV sales in California make up 23% of the market (California is the fifth largest car market in the world)
- This year, EV sales in China make up 30% of the market
- This year, EV sales in Europe make up 40% of the market
- The best selling car (any car, not just EVs) in the world this year is the Tesla Model Y
So, what’s wrong? It’s simple — the big non-EV manufacturers cannot afford to lose so much money on EVs so they are cutting back. That includes:
- Chevrolet says it can’t make money on EVs that cost from $30,000 to $40,000 and has canceled the $30,000 Equinox
- The new Chevy Bolt (that shares little with the current Bolt) has been delayed until 2026
- The Chevy Silverado has been delayed
- Ford’s next gen F150 electric is being delayed
- VW cuts EV production
- Tesla’s success in Europe is killing other EV producers of EVs in Europe
- While Toyota is spouting BS (as it has been for eight years) about EVs they are not suggesting anything serious until 2026
Put another way, Tesla and BYD know how to produce EVs at a profit. Other large automakers have not and due to economics are cutting back on their development. Maybe some of them will “get with the program” in the next three to five years but maybe not. My guess: Tesla and BYD will be somewhere in the top five auto makers in the world by 2030.