The general consensus is that the transition away from fossil fuels is inevitable, if not imminent. But as consumers reject new green technologies, that supposed inevitability is beginning to be called into question. Earlier this week, German luxury car maker Porsche was reported to be scaling back ambitious sales targets for electric vehicles due to falling demand, stating that “the transition to electric vehicles will take longer than expected.” The original goal of 80% of the manufacturer’s sales being battery-only vehicles by 2030 is no longer realistic, with Mercedes-Benz following suit after a “25% drop in all-electric vehicle sales.”
The move away from electric vehicles is not unique to Germany. In the United States, General Motors announced this week that it was slowing development of new EVs and postponing the opening of an electric truck factory. Meanwhile, Ford Motor Co. has changed plans for a factory designed to make electric SUVs to make internal combustion engine pickup trucks. And for good reason: Energy writer Robert Blythe calculates that Ford “sold 23,957 EVs during the quarter, but lost $1.14 billion on them. That means Ford lost $47,585 for every EV it sold.”
The figures presented by Western automakers are grim, considering that 10 years ago it was said that gasoline-powered cars would not be able to compete with electric cars by 2025. Instead, American and European electric cars will not be able to compete with Chinese electric cars, as Beijing makes great efforts to become the world’s leading electric car manufacturer, repeating its already successful model in the wind and solar power sectors.