Elon Musk became the world’s richest man by evangelising about electric cars – and delivering them by the million. Yet in recent months his company, Tesla, has struggled to maintain its momentum: sales have dropped this year, and so has its share price.
Those struggles have become emblematic of a broader reckoning facing the electric vehicle (EV) industry. After the soaring demand and valuations of the coronavirus pandemic years, the pace of sales growth has slowed. The industry has entered a new phase, with questions over whether the switch from petrol and diesel to cleaner electric is facing a troublesome stall or a temporary speed bump.
