From NoTrickZone

By P Gosselin

Germany’s Blackout News here reports that only 4 electric car manufacturers world wide are managing to make a profit, three of which are Chinese: BYD, Li Auto and Seres. And all the rest “are struggling to survive.”

“Chinese brands are increasingly taking the lead in the global market. More than 120 brands are competing in the electromobility segment,” reports Blackout News. “Many benefit from low production costs and massive government support. BYD is expanding aggressively, including in Europe, and is becoming a real threat to Tesla.”

Tesla still leads with an operating margin of 7.2 percent, but its growth has stagnated. China’s BYD is expanding aggressively and benefiting from innovation and government support.

Many other manufacturers, especially start-ups such as Lucid Motors and Rivian, are posting high losses. Traditional car manufacturers are also under pressure as electrification incurs high costs. The EU is forcing the switch to e-mobility by 2035, which increases the pressure to adapt. The future of the electric car market depends on innovation, scaling and political framework conditions.

If left to the free-market forces and consumer wishes, electric cars would fare very poorly. Few people really want them, and they really are neither good for the environment nor the economy.