July 10, 2023

Electric car buying not keeping up with EV production

 Axios - The auto industry is beginning to crank out more electric vehicles (EVs) to challenge Tesla, but there's one big problem: not enough buyers. ... Cox Automotive experts highlighted the swelling EV inventories during a recent midyear industry review for journalists and industry stakeholders. EV sales, which account for about 6.5% of the U.S. auto market so far this year, are expected to surpass 1 million units for the first time in 2023, Cox forecasts.     A Cox survey found that 51% of consumers are now considering either a new or used EV, up from 38% in 2021... Yes, but: sales aren't keeping up with that increased output.

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