this post was submitted on 08 Oct 2023
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World EV Sales Now Equal 18% Of World Auto Sales (cleantechnica.com)
submitted 1 year ago by boem@lemmy.world to c/technology@lemmy.world
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[–] GeekyNerdyNerd@sh.itjust.works 1 points 1 year ago* (last edited 1 year ago)

Same reason why oil prices keep going up even as demand drops, the price of oil is largely determined by OPEC+ and they will cut production until prices rise to where they want them, and the more they have to cut production the higher the prices have to be to offset their fixed costs. More oil = more total revenue = lower price floor for profits.