Tesla among electric carmakers forced to cut prices as market stalls

EV sales have plateaued across the world but the newfound glut of vehicles may just be temporary

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.