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.
I’ve been pondering getting an EV, but the only new ones I can afford are small cars like the Fiat 500. I would prefer something more akin to a Golf.
Seeing how expensive it is to replace the battery, I don’t know if I want to risk getting a second hand electric car. It would have to be a pretty recent one.
Hydrogen is the future. Electric is stupid and too expensive. like the price of teslas that subsidized the supercharger network, Hydrogen car prices need to include a sort of subsidy allocated for H2 production scaling, to accelerate the transition, and early adopters drive down the cost for next H2 car buyers, but at some point corps need to be taxed to drive further sales.
They’re too expensive. Lower the price and I’d buy one. Remember when we were promised a $40k F-150 lightning? Now they retail for like $70k minimum and dealers tack on an extra $25k for shits and giggles.
You’re 100% right. When Hyundai announced a 5K rebate on the IONIQ6 to undercut a base Tesla, I priced one out given the rebate and an attractive 1.49% APR on 60 months. It was still $600 a month! I technically have the ability to afford that but it would stress my budget to a level that I’m not willing to do. I have a heavy commute and the ability to charge at home so it makes a ton of sense for me…but they are just too expensive right now.
Utter lack of small economy EVs. And EVs are still cars. So fkn expensive to operate/own. Yeah…
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?
