Several U.S. dealerships have reported that electric vehicles (EV) are sitting in lots amid a market slump.
Several individuals involved with dealerships relayed their concerns to Business Insider.
“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 said.
According to vice president of vehicle forecasting at AutoForecast Solutions Sam Fiorani, “It’s not just that these vehicles are expensive—which they are. We’re talking about a much more nuanced lifestyle change.”
“Dealers know in real time with real-time feedback what the market is doing,” said Karl Brauer, an analyst for iSeeCars. “They have always acted as the first warning lights on the dash for the automotive industry.”
The statement suggests that the current EV slump may be a foreseeable market shift.
Reporting from The Epoch Times:
Kelly Blue Book, meanwhile, said that for July, the average price for a new electric vehicle was $53,469 in July 2023 versus $48,334 for a gas-powered vehicle. It noted that Telsa's recent price-cutting initiative is likely a primary reason for the drop in electric car prices. That's down about 20 percent from June 2022. Responding to that report, Joseph Yoon, an analyst for car guide Edmunds, told CNBC several weeks ago that consumers shouldn't rush to purchase one despite the year-over-year drop in prices. “It’s not a consumer-friendly market right now,” he warned.
