Running Out of Juice: Unsold Electric Cars Are Piling Up on Dealer Lots

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Unsold electric cars are piling up on dealer lots as the auto industry cranks out more electric vehicles (EVs) than there are buyers in an attempt to compete with Tesla.

The growing discrepancy between electric car supply and demand suggests that while consumers may be showing more interest in EVs, they are still concerned about buying one due to their price or charging concerns, according to aA Ford Mustang Mach-E compact sports utility vehicle during the 2022 New York International Auto Show in New York, U.S., on Thursday, April 14, 2022. The NYIAS returns after being cancelled for two years due to the Covid-19 pandemic.

A survey conducted by Cox Automotive found that 51 percent of consumers are now considering either a new or used EV, which is up from 38 percent in 2021. Despite interest, sales aren’t keeping up with increased output, as the nationwide supply of EVs in stock has swelled nearly 350 percent this year, to more than 92,000 units – which translates into a 92-day supply, Axios reported. This data does not include Tesla, which sells directly to customers.

 

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