CBNC admitted that the push toward electric vehicles (EVs) has failed.
“EV euphoria is dead,” the outlet wrote.
The outlet then described that major car companies, such as Ford, GM, Mercedes-Benz, and others are reducing their EVs to give consumers a greater choice.
According to CBNC, an “all-electric future” is still in the works, but “at a much slower pace” than originally thought.
“What we saw in ’21 and ’22 was a temporary market spike where the demand for EVs really took off,” said chief operating officer for Ford’s EV unit, Marin Gjaja. “It’s still growing but not nearly at the rate we thought it might have in ’21, ’22.”
Last year, thousands of car dealership owners across the United States signed an open letter to the Biden administration opposing the push for electric vehicles (EVs).
More than 3,800 auto dealers wrote, “We are deeply committed to the customers we serve and the communities where we operate, which is why we are asking you to slow down your proposed regulations mandating battery electric vehicle (BEV) production and distribution.”
“Last year, there was a lot of hope and hype about EVs. Early adopters formed an initial line and were ready to buy these vehicles as soon as we had them to sell. But that enthusiasm has stalled,” the letter added. “Today, the supply of unsold BEVs is surging, as they are not selling nearly as fast as they are arriving at our dealerships — even with deep price cuts, manufacturer incentives, and generous government incentives.”
“With each passing day, it becomes more apparent that this attempted electric vehicle mandate is unrealistic based on current and forecasted customer demand. Already, electric vehicles are stacking up on our lots which is our best indicator of customer demand in the marketplace.”
The EV failure comes as buyers are “just not coming,” according to a Washington car dealer.
“It’s always been the ‘build it and they will come’ strategy,” Vince Sheehy told Business Insider. “And they’re just not coming.”
“We have turned away EV inventory,” said Scott Kunes, the chief operating officer of Kunes Auto and RV Group.
“We need to ensure that we have a good turn on it,” he added.
Vice president of vehicle forecasting at AutoForecast Solutions Sam Fiorani explained, “It’s not just that these vehicles are expensive—which they are. We’re talking about a much more nuanced lifestyle change.”
