BluSmart collapse exposes global EV depreciation crisis

The resale value of electric vehicles is collapsing worldwide, hurting private owners and fleet operators.

The crisis became especially apparent when BluSmart, India’s pioneering all-electric ride-hailing service, collapsed in April amid financial fraud allegations. The Delhi-based company’s fleet of thousands of cars, originally worth over $12,000 each, suddenly flooded the market at about $3,000.

For Tesla owners in the U.S., their 2023 Model Ys are worth 42% less than what they…