Autos

Here’s Why Many Americans Aren’t Excited About Electric Cars

Author: Madison Cates December 17, 2023December 16, 2023

The landscape of electric vehicles (EVs) in the U.S. is witnessing a shift, but not quite in the expected direction. While the allure of environmentally friendly driving has gained traction, the actual adoption of fully electric cars hasn’t matched the fervor.

Despite increasing interest among consumers—51 percent considering new or used EVs, up from 38 percent in 2021—actual sales are trailing behind.

Cox Automotive anticipates EV sales breaching the 1 million mark for the first time in 2023, yet a discrepancy between supply and demand remains palpable.

The Oversupply of Electric Vehicles

The once-thought scarcity of EVs has turned into an oversupply conundrum, with dealers grappling as these cars linger for extended periods on lots. Reports show that EV inventory in the U.S. has surged by a staggering 350 percent this year, reaching over 92,000 vehicles. This influx translates to a 92-day supply, nearly doubling the average for gas-powered cars, signaling a worrying trend where EV supply far outstrips demand.

While the average industry supply during “normal times” typically rests at 70 days, conventional internal combustion engine (ICE) vehicles currently sit at a 54-day supply. Hybrid cars, in particular, are witnessing a boom, with supply levels plummeting to 44 days. Toyota’s hybrids, like the Prius and RAV4, are witnessing swift turnovers, emphasizing the automaker’s assertion that a gradual transition from ICE to EVs is paramount.

Hybrids Bridging the Gap

However, this growth in hybrids seems to counterbalance the sluggish performance of fully electric vehicles. Notably, the Toyota Bz4X and several other EV models—Audi Q4 e-tron, Q8 e-tron, GMC Hummer EV SUV, Ford Mustang Mach-E, and the Genesis Electrified G80—are lingering at an inventory well above a 100-day supply. The Genesis model, priced at around $82,000 and ineligible for federal tax credits due to its cost, has seen a meager 18 units sold in the first half of 2023.

This shift in the automotive paradigm has revealed an unexpected challenge: a burgeoning supply of EVs but a lukewarm demand. Despite industry promises of price parity between EVs and ICE vehicles by 2025, the present situation poses a puzzle. Elon Musk’s previous assertion of a “demand problem” seems to echo in the current scenario.

As the automotive sector grapples with this shift, the industry finds itself navigating uncharted territory. The rise of EV inventory raises significant questions about consumer interest, pricing strategies, and the critical interplay between supply, demand, and consumer preferences in the burgeoning EV market.

Source

Author: Madison Cates

Title: Managing Editor

Bio:

Research journalist, Freelance writer, Managing editor

Expertise: automotive content, trending topics.
Education: LeTourneau University, Bachelors of Science in Business Administration.
Over 400 articles and short news pieces published across the web.

Experience: Madison Cates is a journalist located in the great state of Texas. She began writing over eight years ago. Her first major research piece was published by the Journal of Business and Economics in 2018. After growing up in a household of eight brothers and a dad who was always restoring old Camaros, she naturally pivoted her freelance career into the automotive industry. There, she found her passion. Her experience paved the way for her to work with multiple large corporations in automotive news and trending topics. Now, she now finds her home at Wealth of Geeks where she proudly serves as Managing Editor of Autos. Madison is always down to geek out over the latest beautiful cars on the market, and she enjoys providing her readers with tips to make car ownership easier and more enjoyable.

Autos

13 Most Expensive Vehicles To Drive Per Mile

Author: Humphrey Bwayo December 17, 2023December 16, 2023

Share on X (Twitter) Share on Facebook Share on Pinterest Share on Reddit <use href="#<svg width="1em" height="1em" viewBox="0 0 32 32" class="scriptlesssocialsharing__icon flipboard" fill="currentcolor" aria-hidden="true" focusable="false" role="img"> <title>flipboard</title> <path d="M24.997 13.001h-5.998v5.998h-5.998v5.998h-5.998v-17.995h17.995zM1.004 1.004v29.991h29.991v-29.991z"></path> </svg>" xlink:href="# flipboard “> Share on Flip itThe landscape of electric vehicles (EVs) in the U.S. is witnessing a shift, but not quite…

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Autos

Here’s Why Many Americans Aren’t Excited About Electric Cars

The Oversupply of Electric Vehicles

Hybrids Bridging the Gap

Author: Madison Cates

Title: Managing Editor

Bio:

Research journalist, Freelance writer, Managing editor

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Author: Madison Cates

Title: Managing Editor

Bio:

Research journalist, Freelance writer, Managing editor

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