(Molly Bruns, Headline USA) Several car dealerships reported poor sales of electric vehicles and stated that the overstock vehicles have started “collecting dust.”
Several dealerships described their stock as extensive—many dealers have 90 days worth of unsold electric vehicles, with a total estimate of 92,000 unsold plug-in units across the nation, the Daily Caller reported on Sunday.
That estimate is three times more than the combined amount of available electric vehicles dealers had available for sale just last year.
The excess of vehicles may have led to a “brief pause in the market growth of EVs across the country,” despite the extensive federal and state-level tax breaks provided to manufacturers and drivers, according to automotive publication CarScoops.
Volkswagon verified that they are sitting on 131 days of EV inventory, reportedly due to lack of sales and fewer offerings with all-wheel drive capabilities.
The report also rumored that Ford manufactured 86 days worth of F-150 Lightnings and 113 days of Mustang Mach-E inventory, which the company disputed and claimed was much less.
Experts in the field argued that the sudden stall in sales was a naturally occurring economic phenomenon.
“There’s a natural speed of market growth here that many are fighting against, and there’s a lot of confusion in the market with too many brands,” said investment banker Vitaly Golomb. “The strong will survive here and the rest will struggle.”
Despite the arguments that this was naturally occurring, the push by the Biden administration and the Environmental Protection Agency to convert people to electric vehicles faced extreme opposition and scrutiny.
Recently established tailpipe regulations by the EPA would result in the abandonment of SUVs, pickup trucks and several other consumer vehicles, pushing customers to their more expensive electric counterparts.
Average prices for brand-new EVs hovered around $61,000 at the end of 2022 and failed to attract customers despite the tax relief included in the purchase of the vehicle.
“The proposals are the latest effort by the Biden administration to commandeer America’s transportation sector and force its complete vehicle electrification under the guise of mitigating climate change,” said a letter from 151 House Republicans to EPA Administrator Michael Regan.
The representatives also expressed concern that the new ruling would allow China to tighten its grip on the American economy.
