The Real Reason EVs Piling Up on Dealer Lots in 2024!
Legacy Brands Eevee startups it seems like car makers are pumping out electric cars faster than ever and if you wonder who suffers the most we’ll give you the answer of course that would be the dealers the Everlasting bridge between suppliers and consumers which are now forced to stack up their Lots with
Vehicles customers obviously don’t want to buy at least not in the numbers car makers and authorities were hoping for new EES are piling up on dealers Lots in 2024 and if you wonder why we present to you seven key reasons number seven EES grow significantly slower than expect
Did if you check the statements from Biden’s officials as well as some car makers from just a few years ago it seemed like everyone shared the same level of optimism for electric cars they were all pretty sure that the most radical transition in Automotive History would go smoothly in a pretty short
Period that’s why the government expected 2/3 of new cars to be all electric by 2032 the only problem is that these expectations and predictions weren’t based on adequate research instead they were based on momentum because back in the day Eevees were on a big swing mainly because of so-called
Early adopters Tech enthusiasts and Wealthy consumers ran to get their high-tech wonders but now when it’s time for common consumers to act things are not going as smoothly as everyone expected after a couple of years of year-over-year growth of nearly 100% last year showed a new trend of slowing
Down Eevee share eventually got close to 8% of the total Market but far from the expected Pace now in 2024 the growth continues to slow down in January year-over-year growth dropped to 40% on the other hand car makers both Legacy Brands and startups are pushing EVS hard
The production is greater than ever so you may presume where all this leads Supply is significantly higher compared to the current demand and consequently lots are full of EVS while dealers have a hard time selling battery electric cars number six production challenges as we’ve just mentioned the EVS are piling
Up on dealer Lots so much so that the market supply is currently way over 100 days on average of course car makers are aware that EVS are slow Sellers and things can change overnight and for that reason some of them already cut production for this year the best
Example is the all electric F-150 with production cut to half of what was planned for this year but on the other hand some car makers are stacking up on new EVS no matter the slow sales and the reasons are actually pretty simple they’re making Supply just in case because the production process of
Electric cars is anything but ideal constant troubles with Supply chains especially when it comes to raw materials and Battery suppliers along with the fact that production lines are anything but optimized are the key reasons why many car makers produce way more EVS than they can sell because you
Never know when the production is going to stall for some reason and once again dealers are the ones who suffer the most number five prices are still too high the stage of early adopters has officially ended and the rest of the population isn’t willing to pay premium
Prices for the sake of zero emissions for the common consumer EVS are still way too expensive on average a typical car purchase in 2023 was around $48,000 while in the case of electric cars it was pretty close close to $60,000 that’s still a pretty big difference especially if we consider
That interest rates are also way higher than they used to be in other words for buyers of new cars loans cost a lot and they don’t need additional expenses with that in mind it doesn’t surprise that the slow sellers those with the highest Market day supply are the most luxurious
EVS such as the Porsche tyon which starts at around $92,000 but is usually paid in six figures that model has a 239 Market day supply and it’s followed by a few more luxurious models like the Mercedes eqs and eqs SUV high prices are definitely one of the reasons but not
The only one just take a look at mainstream EVS they’re piling up as well particularly the Mustang Mach e with a market day supply of over 200 and over 177,000 units sitting on dealer Lots across the US these days even well established names such as the Nissan
Leaf are slow sellers with an above average 161 Market day supply number four long Journeys are still the main concern from a buyer’s perspective Ive there are still too many question marks about EVS it’s not just about high prices it’s also for practical reasons starting from the fact that EVS still
Can compete with traditional IC cars in terms of autonomy at best customers May count on a little bit over 300 miles which sets many limitations when it comes to Long Journeys EES may be a great solution for short distances for things like daily commuting on the other
Hand planning a long trip can easily turn into a nightmare as you always have to think a few steps ahead and have recharging in mind which is not just timec consuming but also also quite tricky in terms of logistics for these reasons it doesn’t surprise that among
EV owners a vast majority still own one or more cars with internal combusion engines simply said relying solely on EVS doesn’t make any sense at the moment number three charging network is also a big concern Eevees are piling up on dealer Lots because even those who consider such a purchase hesitate and
One of the main reasons why they hesitate is the charging Network which is still far from perfect from the user’s perspective this means a whole set of limitations first of all there aren’t enough Chargers even in urban areas then there’s the timec consuming Factor because not all of the Chargers
On public stations are fast Chargers finally the user experience is far from ideal the best example is the recent survey taken by JD Power which shows that every fifth attempt at charging in a station was unsuccessful last year for various reasons such as faulty Payment Systems broken cords software errors Etc
According to another study which took place in the San Francisco Bay Area only 72.5% of Electrify America’s public Chargers were operative in this part of California with all this in mind it’s clear that it’s not just the number of chargers that’s problematic even in States like California where you have
The best infrastructure it turns out that user experience is far from ideal that owning an EV brings so many challenges number two EVS are unreliable another reason why EV sales are slowing down is because we’ve learned that they’re actually significantly less reliable than traditional gas powerered counterparts according to the latest
Study by Consumer Reports which included more than 300,000 Vehicles produced between 2000 and 2023 electric cars cause 80% more problems than gasped cars that’s completely the opposite compared to what we’ve been hearing so far the media has been convincing us that EVS are superior in this aspect and that
They require less maintenance in theory that makes sense if we consider that electric cars feature fewer Parts than gasped vehicles in reality EVS are still pieces of new technology that need time for polishing at the moment there are so many troubles owners have their EVS battery and charging issues are of
Course the first thing that comes to mind however EV suffer from many other malfunctions especially when it comes to the infotainment system and integration of all those digital controls there are so many flaws in terms of build quality with bad alignment bad assembly of certain parts ETC number one radical
Change in lifestyle is required Eves are stalling because the government is pushing too hard instead of letting things develop at a natural pace and when it comes to natural pace we’re thinking about the fact that people need time to accept new circumstances they need to accept the new reality which
Requires a complete change of their Lifestyles owning an eeve is a completely different thing compared to owning a gas-powered car starting from the most typical thing that comes to mind charging it requires more detailed planning and it’s way more timec consuming compared to gasp powered cars that’s not all e bring a completely
Different way of ownership first of all maintenance is completely different and by the way things that are currently developing it’ll be a lot more about software updates than oil changes and similar things and that’s something dealers struggle with a lot already EES are sitting at dealer lots and waiting
For repair because of the most bizarre software issues and once the warranty expires owners may expect things to get even more complicated for several reasons EVS are more expensive to repair starting from the Eternal worry about the cost of the battery replacement all in all EV ownership is more complicated
And that’s what owners get in return for the premium prices they’re paying as mentioned EVS are still notably more expensive than gasped cars but the story doesn’t end there due to potential High repair costs and several other factors the insurance premiums are also significantly higher compared to internal combustion cars then there’s
The resale value issue as price depreciation is much faster with EVS for all these things average consumers are not delighted with the idea of purchasing an EV they hesitate and until car makers and the government figure out the key issues EVS will continue to pile up on dealer Lots thanks for watching
And see you next time
The Real Reason EVs Piling Up on Dealer Lots in 2024! The EV market is shaking, and people are about to see the biggest auto crash to date. In the tumult of the automotive landscape, EV carmakers find themselves at a crossroads in 2024. This growing disparity between the supply and demand of EVs does not uniformly affect all models. We uncover the surprising trends and developments in the world of EVs, revealing the implications for buyers and dealers alike. The year 2024 marks a pivotal moment in the evolution of electric vehicles, and the challenges they face are as stark as they are surprising. Are you ready to uncover the untold stories lurking beneath the surface of the Electric Vehicle industry? From the bustling lots to the silent struggles, witness the unfolding drama of EV revolution.
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