Running Out of Juice: Unsold Electric Cars Are Piling Up on Dealer Lots
Unsold electric cars are piling up on dealer lots as the auto industry cranks out more electric vehicles (EVs) than there are buyers in an attempt to compete with Tesla. Luxury brands in particular are struggling with high inventories of EVs that no one wants to buy.
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As for luxury brands, they appear to be struggling, as taking a closer look at them reveals much higher EV inventories than others. The Korean luxury brand Genesis, for example, sold only 18 of its nearly $82,000 G80 EVs in the 30 days leading up to June 29, and had 210 in stock nationwide, which comes to a 350-day supply, according to Cox Automotive’s research.
Other luxury brands — like Audi’s Q4 e-tron and Q8 e-tron and the GMC Hummer EV SUV — have substantial inventories well above 100 days. To add insult to the injury of a luxury EV’s high price tag, these vehicles are typically not eligible for federal tax credits.
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