According to data from Cox Automotive (via auto news).
According to estimates by Cox Automotive, electric vehicles are approaching 7% of the US new car market and are on track to surpass one million sales in the US this year. But the data also shows that electric vehicles are not selling well out of dealers.
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By the end of the second quarter, electric vehicle inventories in the US are expected to surpass 90,000 units for the first time. For context, last year, when EV supply was much scarcer, nationwide inventory was around 21,000 units. As Cox Automotive notes, electric vehicle sales have increased, but not as quickly as vehicle supply.
Several factors are still holding back higher electric vehicle sales growth. IN a June survey of dealers and consumers, Cox also finds that dealers are not yet as ready for the electric future as consumers. And while consumers may be more enthusiastic than dealers, EV interest isn’t universal.
Cox Automotive’s June 2023 survey results on electric vehicles
Ipsos has concluded that consumer interest in electric vehicles is slowing, in part due to Misconception about cost on the total cost of ownership of electric vehicles, which could in fact be much lower than petrol cars. Confusion about the federation electric vehicle tax credit price limit and the rules that seem to have changed several times over the past year could also be an issue.
However, the actual cost picture may ultimately tilt in favor of EVs. Led by Tesla’s 20% discount at the start of the year, some have suggested an EV price war happened, even if higher production and battery costs are likely to push prices on par with internal combustion vehicles further to 2030. For now, ample supply may mean electric car deals can finally arrive — and at least, the price cuts are gone.
