Tesla’s stock declined 65% in 2022, its worst annual performance amidst a general decline in electric vehicle optimism.
The Ukraine-Russia conflict and its impacts on energy prices have disillusioned large swaths of the European market, for which it is now often more expensive to run an electric vehicle than it is to run a gas-powered car.
“The price rises for power, which economists expect to last for years, remove a powerful incentive for consumers who were contemplating a switch to EVs, which used to be much cheaper to run than combustion engines”, the Wall Street Journal reported last week.
“At that price, drivers of Tesla’s Model 3, the most efficient all-electric vehicle in the Environment Protection Agency’s fuel guide in the midsize vehicle category, would pay €18.46 at a Tesla supercharger station in Europe for a charge sufficient to drive 100 miles. […] By comparison, drivers in Germany would pay €18.31 for gasoline to drive the same distance in a Honda Civic 4-door, the equivalent combustion-engine model in the EPA’s ranking”, the article read.
Additionally, a new book titled Cobalt Red: How the Blood of the Congo Powers Our Lives by Siddharth Kara has revealed that most Cobalt used in electric vehicles comes from mines in Congo where slave labor is used to extract the mineral.
Kara’s appearance on the Joe Rogan podcast revealed the atrocious conditions of slave labor in Cobalt mining camps, where children routinely die.