Electric vehicle sales in major markets have taken a significant hit following the phasing out of government subsidies that had fueled a years-long boom in the industry. The sudden loss of these incentives has made electric vehicles less competitive in terms of price, leading many consumers to opt for traditional gasoline-powered cars instead. As a result, domestic sales growth has slumped, raising concerns about the long-term viability of the electric vehicle market. Analysts are now warning that the industry may need to adapt to a new reality, where electric vehicles must stand on their own merit rather than relying on government support.
Phasing out of electric vehicle subsidies has driven slump in domestic sales growth following years-long boom
