Electric vehicles (EVs) are on the dealership lot. In fact, they are outnumbering ICE vehicles.
Dealerships across brands, markets, and geographies are stocking up on EVs to meet their customers’ needs. Now is the time to take that test drive or ask local dealership staff about going electric.
In recent years, dealership supply of EVs has been limited as manufacturers ramp up production and the supply chain continues to recover from the pandemic. Recent research from Cox Automotive shows that inventory has improved.
By the numbers:
- 90,000 units: U.S. EV inventory
- Compare: EV inventory last year was around 21,000 units.
- 92.2 days of supply: average inventory of EVs available at dealerships.
- Compare: overall new car inventory is at about a 54 day of supply.
- 343%: increase in EV inventory from a year ago.
- $10,000: decrease of average cost of EVs.
With increased inventory and decreased prices, Cox Automotive forecasts EV sales to surpass 1 million units for the first time in 2023. As sales rise, the EV share of the U.S. auto market is approaching 7%.