EV Market Struggles Amid Slowing Car Sales in Europe and the U.S.

Electric vehicles (EVs) are facing significant sales challenges in Europe and the U.S., exacerbated by a general decline in car sales. Volkswagen plans to lay off 30,000 employees, primarily in Germany, signaling trouble for the automotive sector. The average age of vehicles on U.S. roads has reached a record 12 years, as cars are now built to last longer with fewer repairs, leading to decreased trade-ins. This situation makes it increasingly difficult for consumers to consider purchasing EVs, hindering their market growth. As overall car sales slow down, the EV market must navigate these headwinds to regain its previous momentum.