Regardless of sturdy gross sales, dealership EV inventories are rising, in line with information from Cox Automotive (through Automotive Information).

EVs are approaching 7% of the U.S. new automobile market, they usually’re on monitor to surpass gross sales of 1 million models within the U.S. for the primary time this yr, Cox Automotive estimates. However the information additionally present that EVs aren’t flying off vendor heaps.

Honda future dealership design for promoting EVs – 2022

By way of the top of the second quarter, EV stock within the U.S. is predicted to surpass 90,000 models for the primary time. For context, final yr, when the EV provide was a lot tighter, the nationwide stock was round 21,000 models. As Cox Automotive notes, EV gross sales have elevated, however not as rapidly as the provision of automobiles.

A number of components are nonetheless holding again larger EV gross sales progress. In a June survey of sellers and customers, Cox additionally discovered that sellers nonetheless aren’t as prepared for the electrical future as customers are. And whereas customers could also be extra enthusiastic than sellers, EV curiosity is much from common.

Outcomes of June 2023 Cox Automotive survey on EVs

Ipsos has concluded that shopper curiosity in EVs is lagging, partly due to value misconceptions over the general possession value of EVs, which can in actual fact be a lot decrease than gasoline automobiles. Confusion over the federal EV tax credit score worth cap and guidelines that appeared to shift a number of instances over the previous yr might be a problem as properly.

The precise value image might in the end favor EVs, although. Led by Tesla’s 20% worth reduce initially of the yr, some have steered an EV worth warfare is already taking place, whilst larger battery and manufacturing prices doubtlessly push worth parity with internal-combustion automobiles additional towards 2030. For now, ample provide seemingly means EV offers might lastly be coming—and on the very least, the value gouging is gone.