Car manufacturers may be cranking out vehicles that don’t need gasoline, but the traditional model still dominates the market.
As inventories of electric cars grow faster than sales, car dealers are feeling increasingly discouraged by their prospects, according to a quarterly survey from Cox Automotive, the parent company of Kelley Blue Book. A dealer sentiment index derived from the survey shows sales expectations haven’t been lower since at least 2021, when Cox first started asking about EVs.
“The excitement that existed a year ago around EVs has definitely faded,” Cox Automotive Chief Economist Jonathan Smoke said in a news release last week. “The EV transition is requiring more effort from dealers than before, so it makes sense that enthusiasm has declined.”
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