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Electric Cars Increasingly Going Unsold

Despite increasing mandates from various state governments to produce and purchase more electric vehicles, many of the new cars are simply sitting on the dealers’ lots as consumers refuse to buy them.

According to Axios, research from Cox Automotive has highlighted the struggles that electric vehicle (EV) producers face as customers are reluctant to make the switch from gas-powered vehicles to electric. Cox carried out a midyear industry review which was presented to journalists and stakeholders, showcasing the uneasy future for EV manufacturers.

Thus far in the year 2023, EV sales account for a mere 6.5 percent of the entire American auto market; however, the total number of EVs sold is expected to surpass one million for the first time ever. Additionally, at least 51 percent of consumers are allegedly considering purchasing an EV, up from 38 percent in 2021.

However, the increased manufacturing of EVs appears to be too far ahead of the actual demand. Nationwide, the supply of EVs in stock has increased by 350 percent in just 2023 alone, resulting in over 92,000 total units. That amounts to a 92-day supply of EVs, which is nearly twice the industry-wide average of a 54-day supply of regular vehicles in inventory. That number reflects the post-pandemic struggle to sell more vehicles, as the pre-pandemic average was about 70 days.

Among individual companies that are selling EVs, the struggle to sell becomes even more apparent. The Koren brand Genesis has sold just 18 of its electric G80 sedans over the course of the 30-day period preceding June 29th, with each car costing $82,000. Overall, the company has 210 such cars in stock nationwide, amounting to a 350-day supply.

Another factor that could be hindering EV sales is the high price tag often associated with them. In the case of Audi, its three most recent EV models – the Q4 e-tron, the Q8 e-tron, and the GMC Hummer EV SUV – the prices are all so high that the vehicles are ineligible for federal tax credits. The same goes for Kia, with its EV6, Hyundai Ioniq 5, and Nissan Ariya models.

The public still remains rather skeptical of EV performances in the field, with numerous reports of EVs breaking down, using up far more energy than th ey are supposed to, and charging stations not being frequent enough on longer trips, among other issues. Nevertheless, some states are mandating the increased purchase and use of electric vehicles over gas-powered vehicles, ostensibly to fight against so-called “global warming.”

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About Eric Lendrum

Eric Lendrum graduated from the University of California, Santa Barbara, where he was the Secretary of the College Republicans and the founding chairman of the school’s Young Americans for Freedom chapter. He has interned for Young America’s Foundation, the Heritage Foundation, and the White House, and has worked for numerous campaigns including the 2018 re-election of Congressman Devin Nunes (CA-22). He is currently a co-host of The Right Take podcast.

Photo: Getty Images

Notable Replies

  1. Poppycock. Tesla has built a coast-to-coast grid of charging stations that makes trans-continental travel a breeze. Been there. Done that. Detroit is partnering with Tesla to develop their own grid although standardized charging equipment and shared locations seem a better option longterm. Like gasoline nozzles worldwide. But I just love to hear from ICE luddites, so please do come and regale me with tales of the EV apocalypse.

  2. Though I too am an ICE Luddite, the lack of recharging stations wasn’t the main point of the article. And in regard to charging stations, there will be more and more every day. I see that as a problem soon to be resolved.

    What I’m understanding (though) is that problem one is high original cost. The entire new car market is in a slump and it makes sense that fringe purchases would suffer the most. And problem two is that more people are beginning to realize the high cost of battery replacement. I’ve read that replacement can run from fifteen to twenty-five thousand depending on manufacturer. Often, that cost is higher than the vehicle’s Blue Book value.

    When I go to Dallas, I see a number of Tesla’s on the road, which makes sense for a major metropolitan area. In my little county though, there isn’t a single recharging station. I think for the next number of years those of us who live in very rural areas will stick to the reliable and easily obtainable internal combustion engine.

  3. I drove from San Diego to PCB Florida last year on I-10 and fell in love with places like Junction and Van Horn. Thank God for Texas and Texans.

    I had to replace my Tesla battery after 8 years and opted for a reconditioned one for 9k instead of a new one for 22kk. I am sure I have saved many more thousands of dollars not pouring gasoline into a gas tank, not to mention routine maintenance which is minimal for EVs

    I am familiar with the litany of criticism about EVs and some are valid. Mining elements needed for batteries is definitely damaging the environment where we’ve outsourced it. Prices are too high but coming down for most EVs, including Tesla, but they aren’t cheap yet, and so on and so forth, I could go on but you and the author of this article are already familiar with the long list of cons EV opponents always cite.

    The bottom line in this debate is that it’s pretty much over. The government decided once upon a time to create highway and rail systems. Voile! It was done and done well. The FAA oversees the nation’s airports. Then there’s the FCC and our airwaves, etc. The US government is no novice when accommodating new, potentially wealth-generating technologies. That included the early ICE automobiles.

    If you want a chuckle watch one of the early scenes in The Magnificent Ambersons where Joseph Cotton predicts a bleak future for his town caused by infernal horseless carriages. Always it is thus.

  4. One thing I’m curious about—how much does it cost for a full recharge at a public station? My Sonata gets 35 mpg or better on the highway and the wife’s Palisade gets 25-26 in the same situation. With our fuel tank sizes, I have just under a 600 mile range in the Sonata and about a 450 mile range in the Palisade. Based on that, it is fairly easy to project fuel costs for long trips.

    Reconditioned batteries seem the best way to go----especially environmentally. How long do they last in terms of useful life in comparison to new batteries? And, do they hold the same charge length as new ones?

  5. My Tesla was one of the first to roll off the assembly line in Fremont. I get free charges for life grandfathered in so I had to look it up. Looks like $25 for a full charge at superchargers is average. A full charge will take you a good distance in Kansas. In Colorado it’s a different story.

    At home my Tesla is charged by Tesla wall batteries that get their power from solar panels. Southern California is ideal for this kind of setup. Your part of Texas is too.

    The new batteries are definitely better than my reconditioned one. i’m only good for a range of 180 miles versus closer to 300 miles with a new replacement. i’m okay with that though. I will be buying a new Tesla next year for long hauls. And, oh, almost forgot, 4 years warranty for reconditioned, 8 year warranty for new.

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