Electric vehicles (EVs) are reportedly taking up space in auto dealerships across the country.
Data reported by Cox Automotive reveals that automakers including Ford, General Motors, Hyundai and Toyota are left with 90 days of unsold inventory of EVs at dealerships across the country. Became. report. Many major manufacturers report that a total of about 92,000 plug-in units are unsold and ‘collecting dust’.
The 92,000 number is more than three times the total number of EVs that auto dealers could sell immediately last year, according to the Times. Reuters.
US EV inventory has reached critical mass, Cox says https://t.co/PSIwnw1YV2 pic.twitter.com/aoDMsgfngr
— Automotive News (@Automotive_News) June 27, 2023
The stats could point to a “temporary slowdown in the growth of the EV market across the country,” despite both federal and state governments offering drivers tax incentives for electric vehicles. Kirscoops pointed out.
Volkswagen (VW) has confirmed that it has 131 days’ worth of its EV ID.4 in stock and is waiting to go on sale. German automakers attribute sluggish sales to a lack of models with all-wheel-drive capabilities. The company also cited “customer confusion” among prospective customers and general ambiguity about “tax credit eligibility for EV models,” Karscoop continued. (Related: China dominates EV market as Biden pushes to phase out internal combustion engines)
Ford is said to have 113 days worth of Mustang Mach-Es in stock, plus 86 days worth of F-150 Lightnings.
The American automaker disputes Cox’s figures, arguing that the lot life of these all-electric models is much shorter than what is published in the report. (Related: Ford to spend billions to build Michigan battery plant that relies on Chinese intellectual property)
“Inventory is never high,” Eric Markle, a top sales analyst at Ford Motor Co., told Karscoop.
Markle further said the F-150 Lightning has about 58 days in stock (including vehicles in transit).
On the other hand, Mustang Mach-E inventory has been somewhat stagnant, with back-up inventory at 83 days. “What we do know for sure is that Ford built 46,238 Mustang Mach-Es in the first half of this year and sold 14,040,” Markle said.
“Automakers need to do more to offer more affordable products. #Electric car Insights into a specific automaker’s rear view mindset #Electric car from @ev_association President Elaine Borses. #EV #advertisement https://t.co/3AvhTybMbg
— Fast Company (@FastCompany) July 12, 2023
The average price of an EV in the U.S. market will be $61,488 by the end of 2022, according to the report. new york times.
