According to information obtained from Cox Automotive (via Automotive Information), dealership stocks of electric vehicles (EVs) are expanding despite the fact that revenue has been strong.

According to projections provided by Cox Automotive, the market share of electric automobiles in the United States is getting closer to 7%, and they are on track to surpass sales of one million models in the United States for the very first time this year. However, the data also make it quite evident that electric vehicles are not leaping off the shelves of vendor shops.

The future Honda dealership design for the promotion of electric vehicles – 2022

It is anticipated that the number of electric vehicles (EVs) in stock in the United States will reach a new high of more than 90,000 units by the end of the next quarter. As a point of reference, the nationwide stock of electric vehicles was close to 21,000 units the previous year, when the supply of EVs was significantly lower. According to Cox Automotive, the sales of electric car products have increased, albeit not as quickly as the sales of conventional motor vehicles.

There are many factors that are still inhibiting a more significant increase in EV sales. According to the findings of a study that Cox conducted in June on buyers and sellers, the company discovered that sellers are still not as prepared for the electric future as buyers are. And despite the fact that customers might be more passionate than vendors, there is still a long way to go before EV demand is ubiquitous.




The advantages of the Cox Automotive study on electric vehicles for June 2023

Ipsos has arrived at the conclusion that consumer desire for electric automobiles (EVs) is trailing, in part due to the fact of value fallacies regarding the general ownership value of electric automobiles, which could in fact be significantly less than the value of petrol automobiles. Confusion regarding the price cap on the federal electric car tax credit score and policies that seemed to fluctuate multiple times over the course of the previous year could also be a problem.

The true charge situation may ultimately work in favour of EVs, despite the fact that. As a result of Tesla’s 20% price cut at the beginning of the year, some people have said that an EV price war is already taking place. This is the case despite the fact that growing battery and manufacturing costs are projected to push cost parity with internal combustion engine automobiles even farther into the year 2030. For the time being, there is a sufficient amount of offer potential to suggest that EV deals could ultimately be coming, and at the very least, the selling price gouging has been eliminated.