At the end of November – in mangled Pig Latin, I might add – I told you about pressure POTATUS was receiving from car dealers to back off the electric vehicle mandates. Across the board, and with every car-maker, they were having trouble unloading what they already had, less mind what was forecast to be coming at them when the auto manufacturers finally changed over.
Where sales had been looking promising early in the game and into the summer of 2022, the bottom has subsequently fallen out of the market. The inventory build-up on dealer lots, be it due to interest rates, lay-offs, pricing or whatever, was starting to running into months as opposed to weeks. No one has the latitude to have that sort of money tied up particularly when it is looking as if the chances of clearing it out are pretty grim.
Despite new electric vehicle market share and sales hitting a record in the U.S. this year, EV growth is starting to slow and fall short of the auto industry’s lofty ambitions to transition away from combustion engines.
…Despite these positives, this doesn’t come close to the 90% year over year growth the EV industry enjoyed last summer. EVs had huge sales growth at the…
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