Or it could be the simple explanation:

That current EVs just depreciate faster than ICE cars (in the US).

The article's chart is about used ICE vs EV prices in the US...

New EVs are definitely not 2x as good as a few years ago at half the price. Not sure if you've seen the price of new EVs in the US without subsidies.

ICE cars don't have a ~20% range depreciation after 5 years. EVs do. One would expect them to depreciate faster, until there's a solution for that.

That's not really a problem if they depreciate faster if the total operation cost is lower - which it almost certainly is for the Chinese EVs (relevant to most of the world).

What EVs have 20% range depreciation after 5 years? That seems atypical for any car with modern battery temp management.

Mine is 2 years old, battery still reads 99% health and I regularly exceed the EPA range estimate. I've seen ones with hundreds of thousands of (fast charging!) miles that still only have 10% degradation.

The data in the article is kind of all over the place. But also at least one big distortion is that

* these are rental cars, which are used much more intensely than normal used cars

* a big chunk of the (US) stats are Hertz dumping Teslas, specifically. It had to dump 30,000 of them (which is a huge amount of Teslas to just flood the market with all at once); and Tesla specifically has people trying to sell their cars due to the brand of their CEO.