Wall St and Nasdaq have been pumping up Tesla stock while new vehicles are not selling.
Dealers Now Have Nearly Two Million New Cars Sitting On Their Lots
Electric vehicles are leading the way when it comes to sitting unsold on dealer lots.
By
Andy Kalmowitz
Published Yesterday
Comments (200)
Photo: Brandon Bell (Getty Images)
New-vehicle inventory at dealers in the U.S. is continuing its
slow and steady climb upward as production around the world recovers
following the brunt of the pandemic. According to
Automotive News, that trend was no different in June, and
unsold electric vehicles are a big reason why.
Data from Cox Automotive, reported by
Auto News, says that there are an estimated 1,953,512 vehicles sitting unsold on
dealer lots right now. That works out to a 53-day supply – which is up 75 percent from the same time just one year ago. It’s also up very slightly from a month earlier when supply stood at 1,928,619 vehicles. Cox reportedly generates this data by looking at the sales rate from the previous 30-day period.
The big reason for this 53-day average supply comes down to one thing: EVs. According to the outlet, those vehicles have a 103-day supply. That makes it the only segment other than
ultra-luxury and high-end luxury to have supplies on the other side of 100 days. However, Cox does point out that
full-size cars were close at 99 days, but that’s not really that surprising.
On the flip side of the coin are c
ompact and midsize cars and crossovers. They reportedly have the
tightest inventories.
From
Auto News’ reporting, it can be asserted that inventory levels were the lowest among lower-priced vehicles, and stock seems to grow in proportion with price. That’s not too much of a surprise. I mean, who really has the money to buy an expensive car right now? Exactly. No one does. Another interesting little factoid is that
Toyota and
Honda have nine of the top 10 nameplates with the smallest supply.
Auto News reports that among the seven automakers who still report monthly sales and inventory figures, six saw their days’ supply level increase last month between one and four days. Only
Volvo stayed level.
So, if you want a deal on the car, we may not be where we were a few years ago, but things are starting to get back to normal-ish.
Electric vehicles are leading the way when it comes to sitting unsold on dealer lots.
jalopnik.com
Paywall article from Auto News
New vehicle inventories up again, to 1.95 million
New vehicle inventories continued their slow, steady recovery last month and stand at more than 1.95 million vehicles.
New vehicle inventories continued their slow, steady recovery last month and stand at more than 1.95 million vehicles, Cox Automotive said, up 75 percent from a year ago.
www.autonews.com
EVs Are Piling Up on Dealer Lots as Supply Outpaces Demand
A study shows that the inventory of new EVs is almost double that of gas-powered cars.
Automakers are building new electric cars faster than consumers are buying them, leading to an excess supply on dealer lots across the U.S.
www.thedrive.com