From Fortune Magazine:



The secondhand market for electric vehicles is facing significant challenges as used EVs lose value faster than their combustion-engine counterparts. Buyers are reluctant to purchase used EVs due to the lack of subsidies, waiting for better technology, and inadequate charging infrastructures. This is leading to price wars, elevated losses for the industry, and a drop in demand for new EVs. Rental firms and other large buyers are reducing EV adoption due to losses on resales. As a result, European automakers are raising borrowing costs in an effort to mitigate their losses. The lack of used-car demand for EVs is impacting the cost-of-ownership story and affecting efforts to decarbonize the transportation sector. The challenges surrounding used EVs are expected to intensify as more EVs enter the secondhand market in the coming years. The issues in the used EV market are also expected to accelerate the shift away from owning a vehicle to using one for a fee. Despite these challenges, manufacturers are working on new battery technologies and developing more affordable EV models. The uncertainty around EV technology is expected to prompt more customers to lease rather than buy, further accelerating this shift.



Original: No one wants to buy used EVs and they’re piling up in weed-infested graveyards