The government isn’t the solution for everything and that couldn’t be more evident with the staggering amount of electric vehicles produced without the demand for buyers despite the numerous government subsidies and incentives.
Car manufacturers are beginning to experience a major rise in inventory levels of their electric vehicles according to a report from Axios. The Biden administration is also forcing these car manufacturers to produce two-thirds of ALL new car sales to be electrified by 2032 stemming from a new tailpipe emission regulation.
“The growing mismatch between EV supply and demand is a sign that even though consumers are showing more interest in EVs, they’re still wary about purchasing one because of price or charging concerns,” Axios reported.
According to a report published by the Anderson Economic Group, “In Q4 2022, typical mid-priced ICE car drivers paid about $11.29 to fuel their vehicles for 100 miles of driving. That cost was around $0.31 cheaper than the amount paid by mid-priced EV drivers charging mostly at home, and over $3 less than the cost borne by comparable EV drivers charging commercially.”
According to the White House, there are 130,000 charging stations scattered throughout the U.S. but in order to cover the charging needs of Americans by 2030, the country would need approximately 1.7 million charging stations.
According to a survey from Consumer Reports, from 2020 through 2022 Americans showed a major interest in EV’s but now seems to be leveling off. “Automakers that are too slow to move may find themselves struggling to find buyers for all of the conventional gasoline vehicles they currently plan to build as they simultaneously attempt to catch up with accelerating BEV demand,” the report said.
Axios reports a 92-day supply of EV’s or twice the industry average adding dealers usually “have a relatively low 54 days’ worth of gasoline-powered vehicles in inventory as they rebound from pandemic-related supply chain interruptions.”