WASHINGTON, D.C. – According to a new Axos report, electric vehicles (EVs) were once very much in the demand due to their initial limited supply. However, as automakers have gotten in on the EV game and have upped their production, it is being noted that more of these “green” vehicles are essentially piling up on dealers’ lots as they are being continuously overlooked by buyers opting for their internal combustion engine-powered (ICE) counterparts.
Currently, EV inventory in the country is far outstripping demand, despite numerous attempts by the government and automotive industry to push early adoption upon motorists, with many citing issues with high pricing and long charging times as being among their chief concerns.
That’s not to say that there isn’t interest in fully electric cars. A new report by Cox Automotive states that consumers are significantly more interested in EVs now than in previous years, with a survey showing that 51 percent of motorists are considering buying a new or used EV, representing a significant increase over the 38 percent that expressed that sentiment in 2021.
In addition, Cox notes that EV sales – which currently make up approximately 6.5 percent of the entire U.S. auto market – will exceed 1 million units for the first time in 2023.
But despite the strides that the EV industry has made the lack of overall demand by the car-driving public is resulting in the supply of electric-powered vehicles available significantly outstripping demand. The nation’s supply of fully EVs is up by 350 percent so far in 2023, resulting in an inventory of over 92,000 vehicles. This is essentially the equivalent of a 92-day supply of EVs, which is approximately double the current average supply of 54 days for ICE vehicles.
In addition, the supply of hybrids – which are selling especially well this year – are down to an average supply of just 44 days; this seems to confirm the assertion of many industry analysts who maintain that hybrids are serving as a “stepping stone” for consumers from ICE vehicles to EVs.
However, the disparity between EV and ICE sales may begin to alleviate in the near future, as prices of EVs are expected to reach the same approximate level of gas-powered cars by 2025, experts say; it remains to be seen if that will be enough.
In addition, there is also pressure upon the industry to find a way to address the issues of excessive charging times that EVs are currently experiencing as well; if they are successful in doing so, that – combined with a price drop – may be enough to get the general public to begin embracing EVs on a widespread level.
Christopher Boyle is an investigative journalist, videographer, reporter and writer for SEARCHEN NETWORKS® as well as other independent news and media organizations in the United States. Christopher works on a wide variety of topics and fields, has been featured in print and online in a variety of publications, from local to national, and helps keep a keen-eye on what’s happening in the automotive world for Auto Buyers Market.