The rising mismatch between electric vehicle supply and demand is showing up at car dealerships as unsold EVs stack up. Dealerships tell Bussiness Insider that EV supply from automakers has been turned away as demand cools.
Rising EV inventories and a Tesla-fueled price war could signal the beginnings of a pause in growth for the EV market.
Scott Kunes, the chief operating officer of Kunes Auto and RV Group, which sells Detroit brands and Nissan and Mitsubishi in the Midwest, said: “We have turned away EV inventory.”
Big Detroit brands are “asking us to make a large investment” in these EVs, Kunes added, “and we just want to see some return on that investment.”
A recent report from Cox Automotive shows automakers such as General Motors, Ford, Hyundai, and Toyota have more than 90 days’ worth of unsold EVs at dealerships in July. That’s about 92,000 EVs sitting at lots, more than three times the number compared with a year ago. New vehicle inventories are up about 74% from a year ago.
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