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.
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.
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It’s still like that?! That was one of the most irritating things back in 2015 - 18 when I had a Fiat 500e lease. I had to join several different charging networks, each with different options of free membership and paying per kWh, free that paid one rate and paid that was a different rate, paid by time, etc. I had to charge up some accounts while others were just pay as I go. Some I could tap my phone to start a session and others I needed to have a card or keychain tag with me.
Then I needed all their apps, plus a couple of independent ones to find the charging stations because the independent ones never showed everyone’s stations or couldn’t show the status. Even on those I’d have to check the comments about each station because it was so common for it to show as being available and working but every comment would say “doesn’t work even though the app says it does”.
I’d love to get another EV but it sure as hell won’t be anything I take outside of single-charge distance from home until there are big damn changes to charging…
I could definitely see that being frustrating. My parents have a couple accounts setup for their PHEV. Let’s hope as the infrastructure gets better that the administrative side gets better as well.
Depends on if you can charge at home. If you plug in at home you don’t need these apps unless you’re taking a road trip.
Also Google maps and Apple Maps are showing nearest chargers now.
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.