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Hello and welcome. You are listening to Patrick Boyle on Finance, a podcast exploring ideas from

quantitative finance, examining events occurring in markets right now and financial history

to see what lessons can be taken away, including interviews

with some of the most interesting people in the world of finance. To learn more about the podcast,

visit onfinance.org.

Sales growth of electric vehicles has slowed dramatically this year. Tesla delivered 20% fewer cars in the first quarter of 2024 than in the prior quarter, and BYD, who was previously the world's biggest EV maker, saw sales decline more than 40% over the same period. BYD's EV sales were still up 13% when compared

to the same quarter a year earlier, while Tesla sales were down 9%. Both companies have been

slashing prices to stimulate demand. While EV sales overall are still rising, they are rising at a slower rate than before.

On top of that, the space has become more competitive as legacy automakers have introduced

new EVs and Chinese manufacturers have ramped up exports, overtaking Japan as the world's biggest

vehicle exporter last year. Apple, who spent a decade and $10 billion on research, decided

in February to end their efforts to build an electric car. The Apple car would have likely

cost over $100,000 and would have had lower

profit margins than their core consumer electronics business. Apple's stock price rose on

the announcement that they were abandoning their EV project. Hertz, the car rental company,

announced in January that they would be selling

20,000 EVs from their rental fleet, citing a lack of demand from rental customers and

high repair costs. They said that they would use the proceeds to buy more internal

...