EV inventory reaches critical mass in U.S.

Electric vehicles have reached critical mass, outpacing average days’ supply of gasoline vehicles at dealerships, according to Cox Automotive, but some dealers still need convincing.

EVs are no longer exclusive to the new-vehicle market, said Chief Economist Jonathan Smoke. EV emergence in the used and wholesale market gives them more staying power, he said.

“Up until now, this has been a Tesla, Nissan, GM story and a little bit of Volkswagen,” he told Automotive News. “The critical point is that it finally means something in every part of the industry, but it also means we’ve got ample opportunity to find where it’s successful and where it’s not quite as successful.”

Dealers’ average EV supply climbed to 92 days in the second quarter, up from 36 days a year earlier. EV inventory soared to more than 92,000 industrywide, compared with less than 21,000 in the second quarter of 2022. New-vehicle supply industrywide was 51 days.

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—Hannah Lutz