Why are EVs piling up at dealerships?

Business
Since 2022, the base price of the all-electric Ford F-150 Lightning has gone from $42K to $62K to $52K. Material costs played a role, but wild fluctuations in EV market demand likely factored in as well. (Image courtesy of ford.com)

Up until recently, EV buyers had to wait months for new inventory to arrive. Now, it’s the other way around. What happened?

Sure, supply finally catching up is a factor – but the main culprit is a sudden dropoff in buyers. EV adoption by state seems to hit a wall at around 8%, which tells us that early adopters have already bought their EVs – and everyone else has cold feet.

As much as I’m cheering for EVs, I can understand the hesitation. After all, charging is still a challenge and hybrid cars are SO good now that they’re hard to ignore.

– Chris ButschThe Arizona 100