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CNBCTech trends

Why EVs Are Piling Up At Dealerships In The U.S.

Table of Contents

In August 2023, it took about twice as long to sell an EV in the U.S. as it did the previous January. Prices of EVs are down 22% year-over-year and that’s mainly driven by Tesla. About two thirds of EVs sold are Elon Musk’s brand. Companies like Ford have ramped up hybrid production as demand has leveled off. While slightly more than half of consumers say EVs are the future and will eventually replace Internal Combustion Engines, less than a third of dealers say so. This all comes at a time when investments in EVs are more than ever. So what’s really going on? Watch the video to learn more.

00:00 — Introduction
02:06 — Shifting preferences
05:48 — High costs and uncertainty
10:38 — A trend of a blip?
14:08 — The future

Produced by: Robert Ferris
Edited by: Dain Evans
Camera by: Shawn Baldwin
Senior Managing Producer: Tala Hadavi
Animation: Christina Locopo, Andrea Schmitz
Additional Footage: Ford, Getty Images, Lucid, Mercedes-Benz, Tesla

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Why EVs Are Piling Up At Dealerships In The U.S.

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