Electric vehicle sales have been on the rise in recent years, but the road ahead may not be as smooth as we thought. According to experts, EV sales are about to drop by up to 20%. If you want an EV, the time to buy may be here.
Nearly 3 million EVs were sold in the US from April to June, a record for any quarter, up by 48.4% from the same period a year ago. The EV share is at 7.2%, up from 5.7% a year ago, but that has dropped from a high of 7.3%. Tesla’s share fell below 60% of the EV market for the first time, and the supply of inventory in the market has doubled from what we have seen before, with a 100-day supply.
So, what’s causing this dip in EV sales? Affordability remains the main reason people are not buying. However, with most major manufacturers adopting the Tesla network, 32% of intended buyers who did not buy cited a lack of charging stations as a problem, down from 40% in 2021. Charging is becoming less of a problem, depending on exactly where you live.
But the future of EV sales is not all bleak. 53% of consumers see an all-EV future, and 31% of dealers see an all-EV future. Dealerships have lots of EVs. Ford’s F-150 Lightning had an 88-day supply. Below the supply count, Mustang Mach-E had 116 days’ supply. GM, which said many of its EVs in transit are already sold, had some of the lowest EV inventories. Cadillac Lyriq had a 50-day supply, and Bolt EV had only a couple of thousand units available for a 23-day supply. The Bolt had just over 1,200 units available. GM is discontinuing production of the Bolt and Bolt EUV by year-end. However, GMC Hummer EV inventory had over 100 days’ supply. BMW’s i4 was at the low end, with only a 40-day supply.
Prices will drop up to 20%, with 33 new EVs being launched this year and 50 new EVs in 2024. Despite these challenges, with big incentives, 1 million EVs will be sold in 2023. In June, EV prices were 19.5% lower year over year.
The future of EV sales may be complicated, but with new launches and lower prices, it’s an exciting time to be in the EV market. If you’re considering buying an EV, now may be the time to do it. With prices dropping and more options becoming available, you’re sure to find the perfect EV for your needs. Plus, with the growing number of charging stations, you’ll be able to take your EV on longer trips without worrying about running out of juice.
In conclusion, EV sales may be about to drop, but the future of the EV market is still bright. With more options, lower prices, and a growing charging infrastructure, there’s never been a better time to buy an EV. So, what are you waiting for? Get behind the wheel of an EV today and experience the future of transportation.
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