EV inventory is piling up on dealer lots. Hello car manufacturers, what are you going to do with all that inventory?

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Electric Car Sales Growth Slows in US as Inventory Builds Up

Bloomberg reports Electric Car Sales Growth Slows in US as Inventory Builds Up

The supply of EVs on dealer lots ballooned to 92 days in June, well above the 51 days of inventory for all models, according to researcher Cox Automotive. That may help explain why only 31% of dealers see EVs as the future, while 53% of car buyers do, according to a survey Cox conducted.

“Dealers, staring at almost 100 days supply, perhaps are a bit more realistic,” Mark Schirmer, a Cox spokesman, said Thursday in an email. “The extra inventory is making some dealers a bit concerned.”

Wall Street is skeptical of EV growth ambitions such as Ford Motor Co.’s plan to boost output of battery powered models by more than 15-fold to 2 million vehicles a year by the end of 2026.

The Drive reports the GMC Hummer EV and Audi Q8 E-Tron have a supply of more than 100 days.

Axios notes that 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. a 350 day supply.

EVs Piling UP Video

Early Adopters Syndrome

Kirk Kreifels at Automotive News has an excellent video on the piling up inventory. According to Kreifels, the US consumer is already becoming disinterested in electric vehicles. Used EV prices are plummeting.

The car manufacturers are well ahead of the public. Early adopters may be willing to overpay for the latest technology, but the average person isn’t.

Conflicting Goals

Biden crafted incentives for EVs and US manufacturers not foreign manufacturers or hybrids. It’s a case of trying to do too much with conflicting goals. It’s also a case of picking winners without having a clue what the best market approach really is.

Biden has set overly ambitious goals on EVs. Ford is bleeding cash badly trying to meet Biden’s goals. It’s going to take clearance sales and more losses to move that inventory.

The same thing happened with solar panels. Biden wants the panels be made in the US even though US panels are too expensive. Instead of supporting thousands of solar installation jobs while promoting clean energy at the same time, team Biden would rather have no jobs and no reduction in el

ectricity use if the panels are not made in the US.

China is dumping solar panels is the often heard cry. So what? Assume it’s true. The implication is China is giving US consumers a sweet deal while China suffers. And the bonus for the US is it furthers our goal of using clean energy.

Yet, we protest. How stupid is that? It’s the same as protesting free energy from the sun.

Solid State Batteries and the Kiss of Death for Gas Powered Cars, Hype or Reality?

Numerous articles tout Toyota’s solid state battery breakthrough that supposedly will be the kiss of death for the gasoline engine.

Suppose you believe the hype. Do you want to buy an EV today or wait for technology that will double the miles one gets on a charge?

For discussion, please see Solid State Batteries and the Kiss of Death for Gas Powered Cars, Hype or Reality?

For now, the consumer has spoken. EVs are either too expensive, too inconvenient, or both. That’s something mandates cannot fix.

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