Top headlines: EVs pile up at U.S. dealers as inventories hit record high
financialpost.comElectric vehicle inventories on United States dealer lots reached a new high in December, with a 114-day supply that was more than double what it was a year ago.
The nearly four-month inventory of EVs is up from a 53-day supply a year ago and compares to 71-days worth of inventory for the overall auto industry, researcher Cox Automotive wrote in a blog post.
U.S. consumers are growing increasingly wary of EVs, balking at high prices and the spotty charging infrastructure. Ford Motor Co. this week told suppliers it is cutting 2024 production in half for its F-150 Lightning plug-in pickup, its signature EV. General Motors Co. also is delaying production of some of its new EVs, including the Chevrolet Equinox SUV and Silverado pickup truck. It said it will cut 1,300 jobs at two plants in Michigan, one of which manufactures the Chevy Bolt electric car, which will cease production by year-end.
A coalition of U.S. auto dealers last month wrote to President Joe Biden asking that he “tap the brakes” on EV mandates because the cars are “stacking up on our lots.”
At the end of November, Ford’s electric Mustang Mach-E had among the highest inventory, at a 284-day supply, while the company’s F-150 Lightning had a 111-day supply, Cox reported. The Nissan Leaf had 183 days of supply, while the Kia EV6 had 145 days of supply, according to Cox.
Cox Automotive’s inventory numbers do not include Tesla Inc. or Rivian Automotive Inc. because those automakers sell directly to consumers, rather than through dealers.
Canada’s main stock index fell almost 250 points, led by losses in energy and telecom stocks, while U.S. markets drifted to a mixed close.
The S&P/TSX composite index closed down 249.65 points at 20,529.15.
In New York, the Dow
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