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Slow-selling EVs are the auto industry’s new headache

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U.S. dealers have more than 92,000 EVs in stock, more than three times the number on their lots a year ago, according to Cox Automotive data

have more than 90 days’ worth of unsold EVs at their stores at current sales rates, according to a report from Cox Automotive.

GM said in a statement that it has “very low inventory - and high demand” for its EVs. More than 80% of Lyriqs and GMC Hummer EVs built are still in transit to dealers, the automaker said. VW sees strong demand for the ID.4, but does not have enough all-wheel-drive versions of the SUV, “which is what the market wants,” the company said. VW also cited “the effects of some customer confusion and, therefore, hesitation to buy vehicles over the tax credit eligibility of EV models.”Industry officials and analysts cautioned that the U.S.

Tesla’s price cuts, and competitors’ responses, pushed average selling prices for EVs for the second quarter to $53,438, Cox said. That is down 19.5% from the peak of $66,390 in June 2022.

 

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