Are you guys watching this? EV's in decline!

[Milermore]

Plain and simple, the oil and gas industries propaganda is doing work.

100% true.
but high-priced flagship EVs are not doing the industry a favor either.

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[BigSkies]

A couple things going on.

1. EV sales are still climbing, but manufacturing capacity has grown faster than the overall market.

2. Some of the most likely EV buyers are in industries that have been in the crapper this year. The job market for tech kinda sucks, and anyone remotely near the LA film/entertainment industry is hurting now.

3. High interest rates impact sales of high priced vehicles more than low priced vehicles. A big part of the EV market is in this price segment.

4. The charging issues are keeping many buyers on the sidelines. I personally think the charging issues aren’t as bad as people think (although they are real). But perception is key to selling more cars. I personally think the NACS switch will make this worse instead of better, but I hope to be proven wrong.

 

[Goose]

Declining EV sales is partly due to the fact that affluent and/or techy buyers are old news. The best selling vehicle in America is the F-150 largely due to the value. Buyers get a full size truck for $40-50k with decent amenities, a good range of performance options, and fuel economy. No EV truck can match it, the Silverado doesn’t exist yet and will cost nearly double.

The larger reason EV sales are declining is because they’re more expensive and cost of living and interest rates are extremely high.

 

[av8or]

Osborne effect could also have a lot to do with it. Combine that with the high prices and interest rates and there could just be a lot of buyers in a holding pattern. Waiting for NACS. Waiting for Cybertruck. Waiting for Fords ground up electric truck the T3. etc.

Hopefully there’s not too many waiting on GM or Toyota.

 

[txtravwill]

I did see today that 50% of EV owners will go back to ICE after their EV. Not sure who was polled exactly besides owners. I could see that happening a lot with less techy buyers that want quality, range, and no charging worries. Nothing wrong, oil demand is still going to be growing for say 20+ years as emerging countries develop for sure and grow in population. Still good time to buy XLE hehe.

 

[Donald Stanfield]

100% true.
but high-priced flagship EVs are not doing the industry a favor either.

This is how it works for every new technology. When cell phones first came out they were shitty and as big as a suitcase and so expensive only high powered business execs who made million dollar decisions had one. Then within 10-15 years it got to a point where most upper middle class people had them. Another 10-15 years goes buy and everyone has one. Right now we are in the upper middle class people stage.

Most upper middle class people can afford an EV, maybe not a R1 at current rates but, there are a ton of EVs available in their price range of 50Kish. So another 10-15 years and prices will come down enough for the average family who buys new cars to be able to afford one. The high priced ones always come first because innovation is expensive.

 

[EchoDelta]

Recent YouTube videos and general public news, shows that EV sales are on the decline.
Tesla is sitting with a record surplus of cars, and have drastically cut pricing on all their models. I believe that you can now get a new entry level Model 3, for less than $20,000, factoring in the $7,500 government rebate! (If you qualify)
Others are forced to follow suit. Tesla can afford it because they make more profit per car than most other manufacturers.
It seems to me that most EV fans have already bought one or two EV's.
This leaves all the manufacturers, scrambling to get a piece of the few new EV converts.
Chevy has postponed the new Silverado EV now to 2025. Ford has written off all the supposed 200,000 orders they had for the Lightning.
The Chinese manufacturers are all clamoring to get into Europe and the USA markets. Muddying the already strained market.
Many reports of the pathetic charging infrastructure is making potential EV buyers take another look at ICE cars.
Might this force Rivian to consider price cuts as well?
Life is tough out there. Many dealers are sitting with very expensive EV's with very low ranges that they can't sell. Can you say, Mercedes, Audi, BMW, Cadillac and others?

Most of these are not facts.

 

[Dark-Fx]

I did see today that 50% of EV owners will go back to ICE after their EV. Not sure who was polled exactly besides owners. I could see that happening a lot with less techy buyers that want quality, range, and no charging worries. Nothing wrong, oil demand is still going to be growing for say 20+ years as emerging countries develop for sure and grow in population. Still good time to buy XLE hehe.

That poll has an extreme bias. I would have qualified because we bought a Chevy Volt after I bought my Bolt. But have since bought 5 different EVs ( and traded in an ICE and the Volt) and have another one coming and no interest in going back.

It also excluded anyone who ever owned a Tesla.

 

[kylealden]

Propaganda aside, one thing that's happening is legacy auto makers with terrible go-to-market shoving mediocre EVs onto dealership lots. Dealers feel penalized and forced to sell something they don't want to sell, and they go whine to the press, who publish story after story about how dealerships can't sell EVs.

Meanwhile the companies that will survive are the ones that can scale production, integrate batteries and motors, streamline supply chain (including recycling), etc.

 

[Sevn86]

I don’t think the demand for EV has died down it’s just ppl aren’t buying very many vehicles right now.

I just built out my current R1S with all the factory accessories I purchased and the out the door price with TTL is $110,122. Thats a lot of money to drop on a vehicle let alone an EV. I also don’t know very many in their early 30’s that are. Couple that with job uncertainty and high interest rates, it’s scary out there. I wouldn’t have one myself if I wasn’t a pre 3/22 reservation holder and needing an EV for my 137 mile daily commute. I’ve got a back of a 70+ year old and can’t drive anything other than an SUV.

 

[emoore]

Just cancel all EVs and I think coal powered cars are the future /s

 

[Redline]

I also do believe, both the auto and housing industries might have a hand in moving the fed to finally making some cuts. Rates right now aren't sustainable at this point, IMO.

 

[NDallasR1S]

Recent YouTube videos and general public news, shows that EV sales are on the decline.
Tesla is sitting with a record surplus of cars, and have drastically cut pricing on all their models. I believe that you can now get a new entry level Model 3, for less than $20,000, factoring in the $7,500 government rebate! (If you qualify)
Others are forced to follow suit. Tesla can afford it because they make more profit per car than most other manufacturers.
It seems to me that most EV fans have already bought one or two EV's.
This leaves all the manufacturers, scrambling to get a piece of the few new EV converts.
Chevy has postponed the new Silverado EV now to 2025. Ford has written off all the supposed 200,000 orders they had for the Lightning.
The Chinese manufacturers are all clamoring to get into Europe and the USA markets. Muddying the already strained market.
Many reports of the pathetic charging infrastructure is making potential EV buyers take another look at ICE cars.
Might this force Rivian to consider price cuts as well?
Life is tough out there. Many dealers are sitting with very expensive EV's with very low ranges that they can't sell. Can you say, Mercedes, Audi, BMW, Cadillac and others?

Fake news!

EV market share, the data point that matters most, is higher than ever and continues climbing month over month.

 

[240vPlug]

Its not a decline of EVs. Interest rates are high, high inflation on essentials like food, stimulus money gone, forbearance programs ended, and recession fears looming. Folks are holding out on large purchases now. The ICE vehicles are sitting as well.

I feel we are beginning to see what will be a significant economic slow down. Its being felt in housing as well.

 

[tosehee]

You guys have no idea how many cars are on the lot at GM/Ford/Jeep/etc...

Cars just aren't selling as much.. Not just EVs.

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