Electric Vehicle Prices Fall as Automakers Raise Production
After struggling to find enough batteries and other parts for the past couple of years, automakers are finally beginning to churn out large numbers of electric cars and trucks. More than 30 new models will arrive in showrooms this year.
What they need now are more customers.
While sales of electric vehicles are increasing — they climbed about 48 percent in the second quarter from a year earlier — they are not rising fast enough to keep pace with the number of vehicles rolling off assembly lines. And inventories of unsold vehicles are starting to pile up.
More than 90,000 battery-powered cars and trucks are sitting on dealer lots, four times as many as a year ago, according to Cox Automotive, a market research firm. That’s enough to last 103 days at the current rate of sales, compared with about 50 days for the industry as a whole.
Manufacturers “are having a ‘Field of Dreams’ moment,” said Jonathan Gregory, a senior manager of economic and industry insight at Cox. “They have built E.V. inventory, but now they wait for buyers to come.”
In view of this unbalanced…