One year ago, most car dealers could sell an electric vehicle within a few weeks. Today, data shows those vehicles linger longer than a month, gathering dust on dealership lots, despite lower transaction prices, a federal tax credit available on many and attractive leasing options.
The slowdown in consumer demand for EVs has not gone unnoticed by General Motors.
CEO Mary Barra said Tuesday that GM would withdraw its target of making 400,000 EVs for 2022 through June 2024. GM still plans to end 2025 with 1 million units of North American EV capacity, but Barra said if the demand is not there for 1 million EVs, GM will not build them.
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