{"id":1469475,"date":"2024-06-05T10:55:00","date_gmt":"2024-06-05T14:55:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1469475"},"modified":"2024-06-05T10:55:00","modified_gmt":"2024-06-05T14:55:00","slug":"porsche-taycans-values-plunge-mercedes-stellantis-pause-ev-battery-factory-on-sliding-demand","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/porsche-taycans-values-plunge-mercedes-stellantis-pause-ev-battery-factory-on-sliding-demand\/1469475\/","title":{"rendered":"Porsche Taycan’s Values Plunge;\u00a0Mercedes, Stellantis Pause EV Battery Factory On Sliding Demand\u00a0"},"content":{"rendered":"

Porsche Taycan’s Values Plunge;\u00a0Mercedes, Stellantis Pause EV Battery Factory On Sliding Demand\u00a0<\/span><\/p>\n

\n

Troubling news for the electric vehicle market emerged from Europe on Tuesday. The first was the collapse of Porsche Taycan prices, and second, a\u00a0battery plant owned by Stellantis and Mercedes-Benz halted development. All of this signifies sliding EV demand across the EU.\u00a0<\/p>\n

Let’s begin with a new\u00a0Bloomberg Intelligence report titled “Taycan’s 33% Value Drop Makes Even Tesla Owners Cringe,”<\/em> highlighting that the\u00a0high-end luxury EV market is experiencing “significant declines in value as demand decreases.”\u00a0<\/p>\n

The report, citing Experian data, found\u00a0Porsche Taycan values in the first quarter sank 33% compared to the same period one year ago. This was an even more significant drop than the Tesla Model Y’s 28%.\u00a0<\/p>\n

<\/a><\/p>\n

Sliding EV demand has also forced\u00a0European auto battery manufacturer ACC, co-owned by Stellantis, Mercedes, and TotalEnergies, “to pause development of a site in Germany’s Kaiserslautern,” according to Bloomberg, citing local media outlet\u00a0Rheinpfalz newspaper.\u00a0<\/p>\n

“Europe’s drivers aren’t ready in large numbers to exchange their old car for a new electric one,”\u00a0ACC’s General Secretary Mathieu Hubert told\u00a0Rheinpfalz.\u00a0<\/p>\n

Hubert pointed out that before more investments are completed, “We need to\u00a0be sure what battery cell technology the market requires.”\u00a0<\/p>\n

Across the Atlantic, Tesla recently reported<\/a> an 8.5% drop in year-over-year vehicle sales in the first quarter. Sales growth across the EV space has slowed, and Tesla is locked in a price war with manufacturers worldwide.\u00a0<\/p>\n

<\/a><\/p>\n

Following Tesla’s earnings release in April,\u00a0Deepwater Asset Management analyst Gene Munster wrote on X, “The excitement around EVs has cooled, which further dampens sales.”\u00a0<\/p>\n

Ugly March delivery number for $TSLA<\/a>, down 8.6% YoY, vs. consensus of up 2%. I believe the reason is a combo of high interest rates impacting EV\u2019s that tend to be 10% more expensive than the average gas vehicle. Also, the excitement around EV\u2019s has cooled, which further dampens\u2026<\/p>\n

\u2014 Gene Munster (@munster_gene) April 2, 2024<\/a><\/p>\n

A combination of\u00a0higher interest rates, lack of robust positive real wage growth, and consumer slowdown amid stagflationary threats is weighing on demand for vehicles, especially EVs.\u00a0<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nWed, 06\/05\/2024 – 06:55<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/porsche-taycans-values-plunge-mercedes-stellantis-pause-ev-battery-factory-sliding-demand<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Porsche Taycan’s Values Plunge;\u00a0Mercedes, Stellantis Pause EV Battery Factory On Sliding Demand\u00a0 Troubling news for the electric vehicle market emerged from Europe on Tuesday. The…<\/p>\n","protected":false},"author":0,"featured_media":1469476,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1469475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1469475","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1469475"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1469475\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1469476"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1469475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1469475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1469475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}