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EV inventory is stacking up on dealer lots as consumers spooked by high prices and sparse charging stations second-guess or resist buying them.
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The total U.S. supply of available unsold new vehicles in November climbed 57%, or 925,000 units, from the same time a year ago.
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Analysts are expecting a measured movement through December and the year, which should reach the January forecast for a 4% year-over-year decline.
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The recent Fleet Forward Conference presented updates to the fleet, used vehicle, and electric vehicle supply and demand.
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Over the last two weeks, Manheim Market Report (MMR) prices declined an aggregate of 1.9%, which was more than the normal decline of 1% for the time of year.
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Wholesale used-vehicle prices decreased 2.3% in October from September and were down 4% from a year ago.
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Supply chains have stabilized while market headwinds from high interest rates and high prices are muting sales.
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October’s price decline is eerily similar to last October’s 2.2% drop, and this was not unexpected as the market remains balanced.
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While the UAW strike has slowed output at auto factories nationwide, the fallout has not fully hit consumers in dealer showrooms.
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Almost all major market segments saw seasonally adjusted prices that were again lower year over year in the first half of October.
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