EV Sales Thread 2023
#1
EV Sales Thread 2023
EV sales: Hyundai overtakes GM, but Tesla’s U.S. dominance continues
KEY POINTS
- Legacy automakers continue to promise big increases in production and sales of electric vehicles, but their efforts so far have done little to change the highly watched market.
- Hyundai Motor, including Kia, overtook GM in U.S. sales of EVs but remains a far second compared with industry leader Tesla.
- Tesla, led by CEO Elon Musk, has grown its lead over the legacy automakers to roughly 300,000 all-electric vehicles, according to data from Motor Intelligence
https://www.cnbc.com/2023/07/07/ev-s...continues.html
#2
sales of ev's other than tesla are pretty terrible.
Why it matters: The growing mismatch between EV supply and demand is a sign that even though consumers are showing more interest in EVs, they're still wary about purchasing one because of price or charging concerns.
Details: The nationwide supply of EVs in stock has swelled nearly 350% this year, to more than 92,000 units.
https://www.axios.com/2023/07/10/uns...on-dealer-lots
Unsold electric cars are piling up on dealer lots
The auto industry is beginning to crank out more electric vehicles (EVs), but there's one big problem: not enough buyers.Why it matters: The growing mismatch between EV supply and demand is a sign that even though consumers are showing more interest in EVs, they're still wary about purchasing one because of price or charging concerns.
- It's a "Field of Dreams" moment for automakers making big bets on electrification — they've built the cars, and now they're waiting for buyers to come, says Jonathan Gregory, senior manager of economic and industry insights at *** Automotive.
- EV sales, which account for about 6.5% of the U.S. auto market so far this year, are expected to surpass 1 million units for the first time in 2023, *** forecasts.
- A *** survey found that 51% of consumers are now considering either a new or used EV, up from 38% in 2021.
- Tesla’s rapid expansion, plus new EVs from other brands, are fueling the interest — 33 new models are arriving this year, and more than 50 new or updated models are coming in 2024, *** estimates.
Details: The nationwide supply of EVs in stock has swelled nearly 350% this year, to more than 92,000 units.
- That's a 92-day supply — roughly three months' worth of EVs, and nearly twice the industry average.
- For comparison, dealers have a relatively low 54 days' worth of gasoline-powered vehicles in inventory as they rebound from pandemic-related supply chain interruptions.
- In normal times, there's usually a 70-day supply.
- Genesis, the Korean luxury brand, sold only 18 of its nearly $82,000 Electrified G80 sedans in the 30 days leading up to June 29, and had 210 in stock nationwide — a 350-day supply, per *** research.
- Other luxury models, like Audi's Q4 e-tron and Q8 e-tron and the GMC Hummer EV SUV, also have bloated inventories well above 100 days. All come with hefty price tags that make them ineligible for federal tax credits.
- Imported models like the Kia EV6, Hyundai Ioniq 5 and Nissan Ariya are also stacking up — likely because they're not eligible for tax credits either.
- Tesla's price-cutting strategy could be taking a toll, too: The once-hot Ford Mustang Mach-E now has a 117-day supply. Ford says that's the result of ramped-up production in anticipation of stronger third-quarter sales.
- There's a relatively tight 44-day supply of hybrids industrywide, according to ***.
- Toyotas are in particularly short supply — under 30 days each for Prius and RAV4 hybrids and plug-in hybrids.
- While Toyota recently announced a 3-row electric SUV and new battery technology that could double the range of future EVs, it's sticking with a mix of hybrids, plug-in hybrids, and pure EVs for the foreseeable future.
- Until then, automakers will be left waiting for EV buyers to show up.
https://www.axios.com/2023/07/10/uns...on-dealer-lots
#3
#4
There is still a wait-list here for Ioniq 5, EV6, i4 etc. But it doesn't surprise me Tesla is the preferred EV choice. As I mentioned in a previous post, legacy automakers have a ways to catch up with Tesla. And when it comes to traveling, it's not even a second thought taking my Y on a long trip. I can tell you 100 percent my next vehicle is a Tesla when I have to replace my Polestar.
#5
Another thing I want to add to the above is that people don't have to deal with dealerships cheating them with fake dealer options and markups when buying a Tesla, which is another reason I wouldn't buy from a legacy automaker
#6
There is still a wait-list here for Ioniq 5, EV6, i4 etc. But it doesn't surprise me Tesla is the preferred EV choice. As I mentioned in a previous post, legacy automakers have a ways to catch up with Tesla. And when it comes to traveling, it's not even a second thought taking my Y on a long trip. I can tell you 100 percent my next vehicle is a Tesla when I have to replace my Polestar.
and while tesla obviously trounces everyone else in sales, i think it's much less to do with being a 'preferred choice' than it is about recent price cuts and most other ev's not qualifying for tax credits. the govt did a huge favor for tesla, which is kinda hilarious.
tesla's big wins are bottom line price, range, and charging infrastructure. the 'tech' many love is not that important to most people.
#7
there are wait lists for many ev's because availability varies WIDELY, hyundai doesn't sell ev's in many states for example.
and while tesla obviously trounces everyone else in sales, i think it's much less to do with being a 'preferred choice' than it is about recent price cuts and most other ev's not qualifying for tax credits. the govt did a huge favor for tesla, which is kinda hilarious.
tesla's big wins are bottom line price, range, and charging infrastructure. the 'tech' many love is not that important to most people.
and while tesla obviously trounces everyone else in sales, i think it's much less to do with being a 'preferred choice' than it is about recent price cuts and most other ev's not qualifying for tax credits. the govt did a huge favor for tesla, which is kinda hilarious.
tesla's big wins are bottom line price, range, and charging infrastructure. the 'tech' many love is not that important to most people.
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#8
Tesla price cuts do 2 major things: Increase demand because more people can afford them and put the squeeze on the competition.
Tesla will lose a point or 2 in margin, but competitors are already in negative margin territory. Strong margins offer incredible leverage.
Looking forward, Tesla is grooming repeat customers, which is what Toyota pioneered
Tesla will lose a point or 2 in margin, but competitors are already in negative margin territory. Strong margins offer incredible leverage.
Looking forward, Tesla is grooming repeat customers, which is what Toyota pioneered
#9
Tesla price cuts do 2 major things: Increase demand because more people can afford them and put the squeeze on the competition.
Tesla will lose a point or 2 in margin, but competitors are already in negative margin territory. Strong margins offer incredible leverage.
Looking forward, Tesla is grooming repeat customers, which is what Toyota pioneered
Tesla will lose a point or 2 in margin, but competitors are already in negative margin territory. Strong margins offer incredible leverage.
Looking forward, Tesla is grooming repeat customers, which is what Toyota pioneered
https://cleantechnica.com/2023/05/23...0about%2046%25.
This is only anecdotal, but out of all the people I know who bought Tesla's, I only know one person who is not going to buy another one, and that is mostly due to his political leanings and his dislike of Elon Musk. From a personal perspective, I just got an offer to exchange my 2020 Ioniq EV when the lease is up for an Ioniq 5. Hyundai is offering a $900 "Loyalty reward" that would go towards wear and tear plus any overages in mileage, plus $399 a month(with $4500 down) lease offer for 36 months. I'll probably just turn it in at the end of the lease and buy another Tesla (Model 3P) as I get closer to my Polestar's lease ending
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JeffKeryk (07-10-23)
#10
and as previously mentioned, tesla was on a roll during covid because there were almost NO other ev's available or on the market, like now.
but as the first post pointed out, now tesla has lowered prices several times, AND qualify for tax credits where most others now do not, AND they have huge availability, they're in the catbird seat.
but as usual, not trying to make this all about tesla, the point of the article is that besides tesla, it seems inventory of the rest is piling up.
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JeffKeryk (07-10-23)
#11
tax credits helped hugely when widely available. now, not so much due to so many constraints.
and as previously mentioned, tesla was on a roll during covid because there were almost NO other ev's available or on the market, like now.
but as the first post pointed out, now tesla has lowered prices several times, AND qualify for tax credits where most others now do not, AND they have huge availability, they're in the catbird seat.
but as usual, not trying to make this all about tesla, the point of the article is that besides tesla, it seems inventory of the rest is piling up.
and as previously mentioned, tesla was on a roll during covid because there were almost NO other ev's available or on the market, like now.
but as the first post pointed out, now tesla has lowered prices several times, AND qualify for tax credits where most others now do not, AND they have huge availability, they're in the catbird seat.
but as usual, not trying to make this all about tesla, the point of the article is that besides tesla, it seems inventory of the rest is piling up.
Hyundai: 11 percent higher
GM: 365 percent higher
VW: 114 percent higher
Ford: 12 percent higher
#12
i was shocked to recently see that my local hyundai dealer has several ioniq 5's on the lot.
and percentages don't mean a whole lot. if i sold 1 last year, and 2 this year, i'm up 100%! yay.
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AMIRZA786 (07-11-23)
#13
they're up because those makers are increasing their manufacturing capacity. however, it seems they've increased it to the point where they're outstripping demand in many places, leaving units on lots.
i was shocked to recently see that my local hyundai dealer has several ioniq 5's on the lot.
and percentages don't mean a whole lot. if i sold 1 last year, and 2 this year, i'm up 100%! yay.
i was shocked to recently see that my local hyundai dealer has several ioniq 5's on the lot.
and percentages don't mean a whole lot. if i sold 1 last year, and 2 this year, i'm up 100%! yay.
#14
This doesn't sound like EV sales are tanking
"It appears that German automaker Mercedes-Benz is seeing some momentum in its electric vehicle offerings. As per a press release from the luxury automaker, the company saw battery electric vehicle (BEV) sales rise 123% to 56,300 units in Q2 2023
The second quarter saw a 6% increase in sales for Mercedes-Benz Cars, reaching 515,700 units. The first half of 2023 also experienced a 5% growth, with a total of 1,019,200 units sold. The demand for battery electric (BEV) and top-end segment vehicles contributed to these positive results, with Germany and the United States proving to be particularly strong markets"
https://www.teslarati.com/mercedes-b...6300-units-q2/
"It appears that German automaker Mercedes-Benz is seeing some momentum in its electric vehicle offerings. As per a press release from the luxury automaker, the company saw battery electric vehicle (BEV) sales rise 123% to 56,300 units in Q2 2023
The second quarter saw a 6% increase in sales for Mercedes-Benz Cars, reaching 515,700 units. The first half of 2023 also experienced a 5% growth, with a total of 1,019,200 units sold. The demand for battery electric (BEV) and top-end segment vehicles contributed to these positive results, with Germany and the United States proving to be particularly strong markets"
https://www.teslarati.com/mercedes-b...6300-units-q2/
#15
BMW Group More Than Doubled All-Electric Car Sales In Q2 2023
Thanks to many new BEV models, electrification quickly progresses
The BMW Group reports 626,726 global vehicle sales during the second quarter of 2023, which is over 11 percent more than a year ago.
The overall sales in Q2 2023 and year-to-date:
- BMW: 553,369 (up 11%) and 1,071,326 (up 5%)
- Mini: 71,816 (up 10%) and 140,357 (down 0.2%)
- BMW Group Automotive: 626,726 (up 11%) and 1,214,864 (up 5%)
BMW And Mini Global Plug-In Car Sales – Q2 2023
- BEVs: 88,289 (up 117%) and 14.1% share
- PHEVs: 46,693 (down 14%) and 7.5% share
- Total plug-ins: 134,982 (up 42%) and 21.5% share
https://insideevs.com/news/676190/bm...-sales-2023q2/