To compete with Tesla, many automakers are increasing the manufacturing of electric cars, but they are running into a major roadblock: not enough customers.
A “Field of Dreams” moment, according to Jonathan Gregory, senior manager of economic and industry analysis at Cox Automotive.
But nobody is coming, even though automobiles are being created.
A recent Cox study found a considerable rise in consumer interest in EVs, but Axios claims that this increased interest has not yet resulted in any actual purchases.
The survey indicated that, compared to 2021, 51 percent of consumers are currently thinking about buying a new or used EV. The cars aren’t selling, despite the interest.
Dealer inventories of EVs, according to Cox, are roughly three months’ worth while those of gasoline-powered vehicles are only 54 days’ worth.
This is fascinating. Non-$TSLA EVs aren't selling. Teslemmings think this is evidence of the superiority of Teslas, which (according to every review) is not true. Instead, it is likely evidence of:https://t.co/hQYE9Kfz8T
— Economic Man ("Muskago Delenda Est") (@EconomicManBlog) July 11, 2023
Sales data for high-end EVs tell an intriguing tale.
Only 18 of Genesis’ high-end Electrified G80 vehicles were able to be sold by the Korean luxury company in a period of 30 days. According to Cox, there are 210 units in stock countrywide, which equals a 350-day supply.
Maybe it had something to do with the car’s outrageous $82,000 price tag.
Other manufacturers’ luxury EVs encountered a related issue. A number of models, like the GMC Hummer EV SUV and Audi’s Q4 and Q8 e-tron, have inventories well above 100 days.
These vehicles have high sticker prices that disqualify them from federal tax benefits.
A stockpile of imported vehicles, such as the Kia EV6, Hyundai Ioniq 5, and Nissan Ariya, is also present.
Tesla doesn’t appear in Cox’s inventory data because it deals directly with customers. Also to be highlighted is the significantly reduced inventory levels for hybrid vehicles.
Putting aside the enormous price tag, range anxiety—the ongoing concern about running out of power and locating the next charging station—can be very stressful for EV drivers.
In addition, the time it takes for an EV to charge can interfere with everyday activities, delay travel plans, and even cause frustration or unhappiness.
These difficulties that come with owning an EV can be taxing on a person’s mental health and disrupt their peace of mind.
The majority of Americans spend a lot of money to improve their quality of life.
An automobile with additional luxuries. a washer of a higher caliber. For the consumer, a larger refrigerator with more ice options makes sense.
However, expecting a customer to spend more money on an automobile that will diminish their standard of living doesn’t make sense.
The green future that the left envisions may not come to pass until they can provide a selection of EVs that are affordable and fit the lifestyle of the typical American.