[Axios] Unsold electric cars are piling up on dealer lots - eviltoast

The nationwide supply of EVs in stock has swelled nearly 350% this year, to more than 92,000 units.

That’s a 92-day supply — roughly three months’ worth of EVs, and nearly twice the industry average. For comparison, dealers have a relatively low 54 days’ worth of gasoline-powered vehicles in inventory as they rebound from pandemic-related supply chain interruptions. In normal times, there’s usually a 70-day supply. Notably, Cox’s inventory data doesn’t include Tesla, which sells direct to consumers.

Some brands are seeing higher EV inventories than others.

Genesis, the Korean luxury brand, sold only 18 of its nearly $82,000 Electrified G80 sedans in the 30 days leading up to June 29, and had 210 in stock nationwide — a 350-day supply, per Cox research. Other luxury models, like Audi’s Q4 e-tron and Q8 e-tron and the GMC Hummer EV SUV, also have bloated inventories well above 100 days. All come with hefty price tags that make them ineligible for federal tax credits. Imported models like the Kia EV6, Hyundai Ioniq 5 and Nissan Ariya are also stacking up — likely because they’re not eligible for tax credits either. Tesla’s price-cutting strategy could be taking a toll, too: The once-hot Ford Mustang Mach-E now has a 117-day supply. Ford says that’s the result of ramped-up production in anticipation of stronger third-quarter sales.

  • Altima NEO@lemmy.zip
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    1 year ago

    Man I would love to buy an EV. The ones I want don’t qualify for tax credits. Nevermind how high interest rates are.

    They mentioned a bunch luxury EVs in that first part of the article, but I doubt those were big movers anyway. Especially the Hummer EV.

    I’d be curious how stock of ice vehicles compare?