Authored by Naveen Athrappully via The Epoch Times (emphasis ours),
The number of unsold electric vehicles at dealers in the second quarter tripled compared to the past year, signaling a weakened demand for the segment, said a recent report by leading auto-dealer data company Cox Automotive.
In second quarter 2023, the average inventory for electric vehicles (EVs) topped more than 92,000 units on the ground at dealer lots, according to the 2023 Cox Automotive Mid-Year Review presentation. This is up 342 percent compared to second quarter 2022. During this period, the new “EV days’ supply,” which refers to the average number of days a warehouse holds inventory before selling it, rose 166 percent, to 92 days from 38.5 days. While the pace of EV sales is up, it is “not rising as fast as inventory builds,” said Jonathan Gregory, senior manager, Economic and Industry Insights.
Original equipment manufacturers (OEMs) are facing a “field of dreams moment,” he stated. “They have built inventory, and now they wait for buyers to come. This is one of the hottest topics we’ve had this year.”
Brands like Jaguar, Infiniti, and Lincoln had the highest days of supply, at over 100 days. The lowest numbers were seen among Toyota, Honda, Kia, and Lexus, with each brand having less than 30 days of supply.
Tesla continued to dominate the luxury EV segment with a market share of 25.5 percent, followed by Mercedes at 12.5 percent, BMW at 12.2 percent, and Lexus at 11 percent. Among EVs priced above $50,000, Ford held the biggest share at 22.1 percent, followed by Chevrolet at 12.1 percent.
Unlike other parts of the world, U.S. citizens remain on the sidelines when considering an EV purchase.
According to an April 2023 report by consumer intelligence company JD Power, more Americans are unwilling to buy EVs. In March, 21 percent of new vehicle shoppers said they were “very unlikely” to consider an EV, up from 17.8 percent in January.
During this period, the proportion of people who said they were “very likely” to buy an EV remained flat at around 26 percent.
“Lack of public charging infrastructure and price have been the top two concerns for the past 10 months, along with related issues involving range anxiety, time required to charge, and power outage and grid concerns,” the report said.
Dealer-Customer EV Expectations Diverge
While inventory is building up at dealer lots, a study by Cox Automotive found a wide gap between dealers and customers regarding future expectations of EV use.
According to Cox Automotive’s 2023 Path to “EV Adoption: Consumer and Dealer Perspectives” study, even though 53 percent of consumers see EVs as a future and that such vehicles will replace gas engines over time, only 31 percent of dealers held such a view.
“Nearly half (45 percent) of dealers surveyed feel that EVs still need to prove themselves in the marketplace,” said a press release on June 27.
In addition, the study also found that while customer interest in EVs is rapidly rising, sales continue to remain far lower in comparison. The research found that 51 percent of consumers were considering a new or used EV even though electric vehicles are only expected to make up less than 8 percent of total new vehicle sales this year.
Cox Automotive is expecting the sale of new EVs to surpass one million units for the first time in 2023. According to the firm’s Dealer Sentiment Index, the biggest factor which held back EV dealers during the second quarter was the state of the economy. This was followed by interest rates, limited inventory, market conditions, and credit availability for consumers.
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On that note, it looks like the (not so) bulletproof Turducken will finally be making an appearance.
https://beforeitsnews.com/motor-junkies/2023/07/tesla-cybertruck-completed-body-in-white-image-leaked-2611710.html
Who is going to buy one of these? And why?
The buyers will be from the same group that’s putting down $125K or so on the Rivian EV pickup trucks …
I believe it was Richard Pryor who used to say that, ‘Cocaine is God’s way of telling you that you’ve got too much money.’ For some trendy folks, EVs are the new cocaine …
That’s a very good analogy of the unjustified attraction that some fools have to EVs.
I just bought a new Chevy Bolt EV today. The sticker was $28k, but you receive a $7500 tax credit for buying one, so that brought down the price to $21k.
THIS IS WHAT I BOUGHT, THIS VERY CAR — LAUGH ALL YOU WANT, IT’S GOT OVER 200 HP… AND WILL BEAT A PORSCHE IN 0-60 TIMES
I put down $12k, and got a 7.44% APR for 66 months, but I will have this paid off in two years, tops, since I only had to get the remainder financed. No payments for 45 days, 90 days of OnStar free, XM radio as well, all the usual stuff. I blanched at the APR, because the last car I bought (in 2010) I got a 2.9% rate; but apparently, now 7.44 is considered good, but only because of my credit did I get that. The salesman told me they had just raised it this month actually, just to pass on the savings to us buyers, as usual; but the point is, the rates are going up, so if you are going to buy anything of substance you should probably do it sooner than later. I did get an upgraded warranty, so everything is 8 years/100k miles as opposed to 8/100 on the motor and 3/36 on the drive train, since there is no scheduled maintenance on this car until 100k miles. They made it look like a big deal, just for me, but read the tea leaves, folks.
I also found out that lots of big banks will not take notes on EV’s at all, which I thought interesting. Even with my good credit, TD was the only bank that would offer me the deal for finance; and not that TD is not a big bank, but I was still surprised that not even GM themselves, who obviously sell EV’s, are willing to finance one. They are waiting out the market, is what they are doing, because they get all the government money either way, whether EV’s sell or not.
Oh, and these stories you read about EV’s sitting on dealer’s lots unsold — that is only in the big cities. Out here in East Texas, they are rare (mainly because we ain’t driving to the big cities to buy a friggin’ car, there’s a reason we live out here). I was actually lucky enough to find just what I was looking for in this small town (Tyler, just to save you the trouble).
Now, for the reason I bought this: no environmental crap, I am not trying to save the whales or reduce my carbon imprint — what the hell is that, even? — but I did need something I could drive around locally, and the ~$8000 I spend on gas annually on one car is now $8000 I have saved. I was either going to buy a BMW CE o4 (https://www.bmwmotorcycles.com/en/models/urban_mobility/ce04.html) or this, but since they were both essentially the same price I opted for the car instead of the motorcycle (which I will probably kick myself for later, so you don’t have to kick me now).
Really, I looked at this purchase like it was an electric scooter, which compared to bigger EV’s like Tesla or SUV’s, it more or less is. This is not a car that I will be driving to Manitoba anytime soon, and is a perfect second vehicle (my other being the one I bought in 2010, which only has 127k on it I proudly add) if you just need cheap local transport like me. That $7500 back at the end of the year is downright sexy, too. Plus, no keys to worry about, just have the fob on your person and you can even start the car remotely and have it heat your seat if your butt is cold. Seriously, this car is like the ones we saw in movies growing up, all buttons and LED displays; it is like playing Pac-Man all over again for the first time, I swear.
And I hear you saying, what am I gonna do when the electricity goes out?
https://www.homedepot.com/p/DUROMAX-13000-10500-Watt-Dual-Fuel-Electric-Start-Gasoline-Propane-Portable-Home-Power-Back-Up-Generator-with-CO-Alert-Sensor-XP13000EH/308311541?cm_mmc=ecc-_-THD_SHIP_CONFIRMATION-_-V1_M1_CA-_-Product_URL&ecc_ord=W875669216&em_id=e74674b3ac5613f7ba57025dfc6673ef6604f4e747c71fd8a74649e43a800faf
NOT THAT I BOUGHT IT FROM HERE, BUT I DID GET IT… RUNS THE WHOLE HOUSE WITH PLENTY LEFT OVER
Planned for that, too.
Forgot to add, Chevy will be discontinuing the Bolt EV with the 2023 year, as they will be, quote, building the next generation of EV’s, which was the whole point of buying now.
People can barely afford to house themselves ,maybe the can give em away free to the spicks pouring over the border .
Give them away? Wait until they start stealing them for the cartel bosses …
If everybody was driving EV’s and the gas engine was just invented people would be thinking it was the greatest invention since the wheel. No more long charging times! Twice the range between fill-ups! Longer durability! No dropoff in engine power as the battery runs out of juice! People are so stupid when it comes to physics or engineering.
We should be so lucky that their stupidity would be limited to those areas only. We aren’t.
Having been in a ‘hard science”, I got to watch how many people think they want to be an engineer or doctor (or even a nurse) vs how many have the attributes necessary. It’s a pretty huge gap. The more difficult the subject, the more that drop out of their programs semester after semester. Math and science do not get simpler with depth.
Engineer, physicist or mathematician, yes, you are right.
Doctor or nurse – not a science. Not even an art any more. Just robotic memorization or reading off of a screen and following a cookbook.
Just got back from a 500 mile (one way) trip to visit family and it would have taken an extra day each way to drive one of these overpriced environmental wrecking vehicles.
They’ll be waiting forever for me to show up and buy one.
The same liberals who used to whine and screech about ‘conflict diamonds’ — i.e., ones mined by black children and other ‘slaves’ — don’t give a rip about the ‘conflict minerals’ used for manufacturing their EVs and their solar panels and their countless electronic toys … almost as if they’re — hypocrites.
I was digging potatoes the other day and found a huge quartz crystal I liked to pretend was a diamond when I found it. I gave it to my wife and she hid it, so I have to wonder now.
That’s too funny.
We are going rock hounding here next month, Herkimer county, NY, the only place in the world where you can find “Herkimer diamonds”, which are not diamonds at all but a special kind of quartz:
https://www.diamondmountainmining.com/
Maybe they can be retro fitted with gasoline or diesel engines?