EV sales have FLATLINED as demand plummets... What's Next!?

EVS are piling up at dealerships I made a video last month discussing that topic now one month later sales have flatlined for EVS while gas models continue to rise let's get into it [Music] we're starting on Automotive news today us EV share has gone flat at 7.1 percent and this is after two years of sharp growth an EV market share has stayed flat at the 7.1 percent from January to June Tesla can't handle the burden alone in those Tesla buyers maybe you already have a Tesla at this point and the other people considering are just not ready to buy a Tesla or any other EV on the market and stay to the end because I have a spreadsheet go figure talking about how the volume is changing for EVS in my area month over month and what are the prices looking like if they flatlined meaning they're not growing market share you think those prices would be coming down we'll see if that's the case at the end so in January with the 7.1 percent share EV sold 87 708 out of 1.24 million light vehicles and through the first half of the Year ending in June still at 7.1 percent with a total of 400 or 546 plus thousand registrations out of 7.6 million if we look back in 2021 EV market share was 3.1 percent then in 2022 it grew to 5.6 so from 2021 to 2022 EVS grew 80 year over year if it stays at 7.1 percent this year EVS have only grown 27 year-over-year holy Council dropped up 80 growth from 21 to 22 to possibly around 25 percent growth from 2022 to 2023. things are cooling off fast Tesla still has about 60 percent of the US EV market share Chevy well it comes in at number two at least in terms of individual Brands because if you add up like the Koreans for example they probably outpace Ford uh and Chevy but the thing is Chevy just announced that the bolt will continue uh with production until December and they also just mentioned I think it was last week or two weeks ago that the bolt will get a second generation and this is great news because we need affordable EVs and we'll talk more about stellantis's struggle with the affordability EVS you know since that plant that they currently build them in here in America I think it's in Michigan is going to be used for massive expensive EV pickup trucks I would assume that the bolt goes to Mexico to be produced down there to reduce cost to make it more profitable here in the United States all right Ford and we're going to talk a lot about Ford because their volume is increasing at lots and and I think it's largely due to the lack of demand for of 40 EVS Hyundai sold 20 000 so far BMW 18 000 no Toyota in here uh no Honda in here Honda doesn't have an EV right now Nissan we have the leaf and the Aria and we'll talk a lot about these Brands actually because we're going to break out individual sales I actually don't have any BMW but I'll probably have to add them in before we get to this spreadsheet quoting Jessica Caldwell from Edmonds she's saying it seems like early doctor demand has nearly been met and the EV Market will have to start targeting a more mainstream consumer which is challenging giving the price points of vehicles available and the lack of charging infrastructure again there's just too many cons for electric vehicles for the average consumer they can't just fill up whenever they want to with a gas station that's on every single corner here in the United States they have to go out of their way to fast charge if they don't have a charging port at home also something that we don't talk about a lot because so many of us live in warm climates nowadays is EV range in cold weather is abysmal and we know EVS will drop in range it's hard to say because it depends on how cold it is the type of Battery Technology it's cetera if it has a heat pump but it can drop around 35 miles or 35 but it can drop around 35 percent in range in the winter and so you just spent all this money on your car and now your range has plummeted which really is not a good thing to get stranded in a blizzard or just freezing temperatures Carl Brower from IC cars has some pretty Grim news here for EVS there are more car companies chasing potential EV buyers than ever before and there aren't enough buyers to clear the growing EV backlog at dealerships at some point even low prices and crazy incentives won't matter if the average person isn't comfortable buying an EV he goes on to say that he expects Eevee production cutbacks by automakers and downward adjustments to sales forecasts EV inventory is also running about double the market average at 103 days Supply EV incentives right now are about four thousand dollars which are about double compared to gasoline car the average EV transaction price in June was 53 000 plus dollars compared to 48 000 so crazy how expensive cars have gotten guys so 48 000 now there are a lot of pickup trucks being sold that are very high priced ticket items so that's really going to inflate this 48 000 figure here what's crazy about these Ebu prices in January the average was 61 000 in June it fell to fifty three thousand dollars thanks to Tesla's price cuts and all the price Cuts have affected the other manufacturers and some of them are adjusting the price this some are not and the market is also just playing its natural course here and where dealers are going to have to lower prices lower than msrps and that's happening pretty much with every single EV at this point and so one of the biggest hurdles for EVS is pricing stalantis is 25 000 EV price Target is clashing with the uaw's demands that is the union that rep presents all these Automotive workers and the thing is there's negotiations going on right now to increase the benefits increase the salaries of the workers which is great like I want that for the the people working there however as the consumer I don't want that because it will jack up the prices of cars and stalantis and anyone else that has unionized workers probably won't be able to make these 25 000 EVS unless they import them from China watch my video yesterday that I made on the Chinese market really really expanding they're now the number one Automotive exporter in the world quality control is different than I would say most other EV automakers but they're finding ways to import those Vehicles into America as well so don't be surprised if you also see stalantis and other automakers traditional automakers import Chinese made EVS in the near future to make sure that they can saturate the lower price points in order to increase their EV volume so head on over to the spray right you want to address the elephant in the room here hybrid volume in my area here in Southwest Florida is about 4 000 units battery electric vehicle units are about 34 3500 so they've almost caught up in availability at the Lots but we know battery electric vehicles aren't moving at the pace of hybrids in fact they're moving twice as slow if not slower so the revolving door of hybrid inventory is is much faster than we have a battery electric but just look at how many bevs are out there in the market I don't have July volume of all these models but I want to start with the Mustang monkey because in my area there are by far more Mustang monkeys than any other Eevee and I don't have Tesla in here because they don't have dealerships so it's hard for me to calculate that data but 576 Mustang monkeys sitting on dealerships and the lowest price is 41 000 almost 42 000. okay ionic 5 is the next vehicle but look at the volume drop for the I5 they've been able to move some metal here it was 547 000 units in July and now a month later it's dropped about 200 units a part of that is the sale price of these droppings so if you just look we've dropped almost two thousand dollars on lowest priced available ionic five so yeah those things are going to be moving more and more just due to the the low pricing but there is no EB tax credit on them so the best way to get these vehicles is probably to lease them and I think leasing electric vehicles makes a lot of sense because there's going to be new Battery Technology before you know it there's going to be a new generation of EVS before you know it that are more efficient that are just more desirable they charge faster Etc so that's why I think a lot of these battery electric vehicles are piling up at dealerships the early adopters have already bought in or they're buying Teslas and even the Tesla Pace has dropped off as well because they've kind of saturated the Tesla buying Market as well one of the big reasons why I'm keeping this data is I want to see what is going to happen with the EV prices if the initial consumers truly have dropped off the price should should keep going down at least listed prices I don't have any available data for like average transaction prices for a specific model that would be pretty handy but yeah anyways let's keep moving Volkswagen id4 I don't know what's going on if my data was wrong for July but it is their volume has swelled massively so they've really increased production volume but look at the pre like due to the swelling of volume and lack of demand look at what's happening prices have come down about three four thousand dollars here from July to to August for lowest priced id4 so I think mid to upper 30s is going to be the best prices you're going to find for most mainstream EVS Kia ev6 volume has stayed relatively the same here pricing has gone down though we see a price drop of about a thousand dollars here ionic six brand new vehicle to the market I didn't have any data for last month but look how many are out there on the market and look how low the prices are already 38 150 now I have to keep keep you guys in mind here that the ionic 5 here and this ionic six and the Kia ev6 those are all their entry level level battery packs so the ev6 at least in my area is not a good deal compared to the ionic 5 or the ionic six EVS F-150 Lightning volume continues to swell prices continue to go down we're up about 30 units compared to last month to sitting on lots and the lowest price has dropped about a thousand dollars plus here uh Nissan Aria really liked the EV it's just kind of expensive but look at the deals you can find well this deal got snapped up last month of 36 37 000. and I think it's a good vehicle for that money I don't know if I would pay much more than forty thousand dollars for Nissan Arya but this is the base model here and it only has around 220 miles of range something like that but that competes well with the base model Hyundai and Kia products as well as the standard bz4x from Toyota the Lexus RZ as well as the Subaru solterra which is somewhere on this list all right moving on to Audi's models very expensive I can't recommend the QA e-tron handles great uh the materials feel cheap on the inside the styling is great watch my review on it but they just updated it for 2024 so it is a better vehicle than before but it's still really expensive Q4 e-tron um volume is going down here but looks like they've had to lower the prices in order to move these Q4 e-trons all right Subaru soltera volume is a little bit lower month over month prices have stabilized in the mid 40s so looks like they're actually selling for the mid 40s maybe capitalizing on the Subaru buyers Subaru just if you missed my video on it I think I did a video on it yeah it's a video talking about how Subaru is becoming more like Toyota they're going to be ramping up EV production massively massively by uh the end of this decade and the big part of that is because they know they're losing their customers to Tesla they have a huge subset of data that says a lot of Subaru buyers also own Teslas and they're missing out absolutely they're missing out on that piece of the pie the soltera is not a good enough EV convince those Subaru buyers to stay in-house for their EV all right xc40 I really like this EV it's really fast it's like a sleeper car for sure prices here about started actually to go up it looks like even though the volume has dropped so maybe this price here got a lot of these 102 volume out the door and the price volume has is starting to regulate here because they met that demand for the previous price point looks like GV 70s are now being sold in my area when I reviewed it they weren't being sold here but I can find them within 100 mile radius of where I live now uh and they're not cheap sixty seven thousand dollars it is a fantastic electric vehicle but at sixty seven thousand dollars I mean I'd probably save 10 15 grand and get the 2.5 turbo which is a really good gv70 as well but man this thing is fast as the Dickens those like 3.8 0 to 60. the Prius so Prius is not an EV I just kind of put it in here for perspective because that's I'm waiting on a Prius who knows when I'll get one um more specifically a Prius Prime the volume has not improved that much there's about 14 more of us sitting on lots and the prices are about the same for the entry level LE model bz4x is only 30 so there's actually way more Subaru solteras out there on the market uh but the price tag is nearly identical to the soltera uh the Genesis G80 sedan one of the best EVS I've also driven prices have come down or or are coming down they've sold a couple of them month over and month but it looks like they are still ridiculously expensive but man is that a good Eevee but just really really expensive Lexus RZ volume is improving here tripled the volume from 5 to 15. but uh yeah prices well this price is actually not off of MSRP it's just a lower price Model that's now available so these look to be selling for MSRP they're taking advantage of those early adopter Lexus buyers who are loyal to Lexus they don't want to buy any other EV for customer service and quality reasons and they're going to be probably selling these in low volume to keep the demand up to keep those price tags up as well as long as possible Prius Prime these things are vaporware in my area there are three in my oh I wanted to show this to you check this out check out this markup 113 000 Plus for a Prius Prime access he's not even xse premium the msrp's 3 700 bucks on it like that is my comedy for the day absolutely and I'll probably add to this list like the BMW as I go along as well as other EVS I want to track month over month volume as well as the prices see if we're getting lower price is as these inventories swell especially for the Mustang and some of these high digit Vehicles like the the 84 the ionic 5 Etc so EV Market it's a lot of fun for me to talk about it is not going as well as a lot of these manufacturers have anticipated um and it's largely due to too many downsides to EVS High sticker price charging infrastructure charging speed lack of EV tax credits at the moment cold weather performance so that's five things lack of model diversity there's just not that much volume out there compared to other normal gas models and the future upside of EVS with new technology coming in just a few years from now is adding fuel to the fire I guess yeah I guess they're all combustible too just about all of them they they start fires so that's not good I know gas cars do as well but when we have EV technology and Battery Technology that is essentially fire resistant more so than what we currently have I think you'll see also a few a small percentage of people get in because they're safer than what they currently are now but there's just a lot of drawbacks for EVS I like EVS I don't I don't want to own any current EVS in the current market they're just too expensive and they have too many drawbacks and I would have early adopters uh remorse absolutely spending too much money for a product that will be outdated in just a couple years uh I know that's just the way technology is but man I'll just keep waiting like I can easily wait for solid state batteries to make EVS like Untouchable let me know down below what is keeping you from buying an EV or what has brought you uh which model and which technology has brought you to buy your Eevee as well because I know a lot of people who have EVs and I think it's a great purchase for certain people out there just not all people for a lot all the reasons are listed so anyways maybe I'll see you guys in a month from now in September we'll revisit to check out the volume as well as the prices of these vehicles I'll catch you in the next one thank you for watching smash a like button if you enjoyed it have a great day in peace

Channel: Kirk Kreifels

Views: 23,240

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Id: ARboU7N991c

Length: 18min 9sec (1089 seconds)

Published: Sun Aug 13 2023