It is becoming increasingly apparent that the car industry has misjudged the scale of demand quite badly, says Jeremy Warner in the Telegraph – and that is just the latest example of where the top-down economics of Net Zero are inevitably failing. Here’s an excerpt.
Vertu, which is one of Britain’s biggest car dealerships, has become the latest big name to admit that the sector is already suffering from a dramatic oversupply of battery-powered vehicles.
Indeed supply is outstripping demand to such an extent, that prices are tumbling rapidly.
The warning follows the extraordinary decision of German car titan Volkswagen in July to halt electric vehicle production at its sprawling Emden factory in north-west Germany and lay off a fifth of its 1,500 employees after sales of electric models fell 30% short of forecasts.
Unwanted electric cars are piling up on American forecourts too leaving some dealers to refuse further deliveries until the backlog has eased.