The nascent electric vehicle sector is currently dealing with an issue that could threaten the sector’s longevity: EVs are losing their resale value at alarming rates. Data suggests that battery electric vehicles (BEVs) are losing up to hundreds of dollars in value per day as secondhand electric vehicle prices continue to plummet. The loss in value has been so great that trade-in values for electric cars have fallen by one-half in only a year.
This doesn’t bode well for the industry as fewer commercial buyers will be willing to invest in an asset that loses value so quickly, especially since new electric cars are…
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