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The New Car Market Is 'Stuck' Because Buyers Can't Afford Them

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Electrified vehicles had a pretty strong sales month in August, but the whole car market is slowing 'unless consumers get some relief.'

Every now and then, it's good to step back from the electric vehicle sector and take a good, hard look at the car market as a whole. After all, EVs and hybrids had a pretty strong sales month in the U.S. in August; just ask Honda, Hyundai and even Ford. But when you look at the new car market in aggregate, things don't look as good as they did in past years. Why, you ask? To paraphrase one famous election-related quip from when I was a kid, 'It’s the economy, stupid.

, expected to open in the second half of 2025, will supply batteries to other U.S. factories, including Kia Georgia in West Point and Hyundai's plant in Montgomery, Ala., which builds the Electrified GV70. Center did not specify where the U.S.-sourced batteries that will power the EV9s next spring will be built. So far, Kia has been leaning on a provision in the law that allows automakers to pass the incentive to buyers if they choose to lease an EV, regardless of its assembly site.

 

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