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. Musk acknowledged the difficulties this week, telling investors: “The EV adoption rate globally is under pressure, and a lot of other auto manufacturers are pulling back on EVs and pursuing plug-in hybrids instead.” Musk, of course, insisted that was the wrong decision. The sales slowdown is real, however. Tesla and its nearest rival in electric car volumes, China’s BYD, have both reported lower electric car sales. Across Europe, battery electric cars slipped to a 13% share of all sales, down from last year’s 13.9%, while sales of hybrids – which combine a battery with...