A photo of a parking lot filled with Tesla cars has revealed the market for electric vehicles isn’t as robust as manufacturers claim.
According to Peter Anderson, the number of Teslas coming into Port Melbourne every month has increased significantly.
Tesla cars typically arrive in the US before being sold to customers.
In April, the company’s sales dropped 44 percent as it tried to compete against the growing Chinese EV market.
A new Model Y costs around $11,400 less than its predecessor. Other companies also cut their prices.
The Peugeot e2008 has seen its prices slashed by almost 70% from $63,000 to just $39,990.
On the other hand, the GWM Ora is down 20% from its previous price. In April, the overall EV market declined after three years of robust growth.
Experts attributed the drop in sales to poor resale values and the lack of charging infrastructure.
According to Caleb Bond, a car expert, the market has started to soften due to how people have worked out that buying an electric vehicle is a sham.
He also noted that there’s no resale value for such vehicles.
Another factor that has affected the electric vehicle market is the lack of demand.
Due to this, Bond noted that manufacturers have started to reduce their prices.
He also said that the old models have depreciated quickly due to the technological advancements that have occurred in the industry.