Unsold electric vehicles are piling up – people like the idea but are not buying them::The U.S. supply of unsold EVs on dealer lots has swelled 350 per cent so far this year
Unsold electric vehicles are piling up – people like the idea but are not buying them::The U.S. supply of unsold EVs on dealer lots has swelled 350 per cent so far this year
I can’t read the article but I think they’re making a bit of a mountain out of a molehill.
BEVs were nigh impossible to purchase a year ago. Tesla’s MSRPs were ~$10k higher than they are today, not even accounting for the tax credit. Other manufacturers were seeing dealer markups of $10k+ on a new BEV. Demand for BEVs went through the roof as (1) supply chain effects meant the price difference between ICE and BEV went down, and (2) Russia’s invasion of Ukraine sent gas prices way up. A 350% jump over last year doesn’t mean much in that light — what inventory even existed on dealer lots last year?
Both of those factors have faded. EVs are still selling well, but manufacturers are going to need to find more ways to lower prices in order to stay competitive and to keep demand up.