EV Sales Hit a Record in the US. Now Their Popularity May Be Waning

Electric vehicle sales in the United States set a record this past quarter and are on track to break the 1 million mark in 2023, which would be a milestone for the industry. This surge comes even as many vehicle models have lost their eligibility for federal, and some state, incentives.reported that consumers bought nearly 300,000 EVs between the beginning of April and the end of June.

But there are signs that the torrential pace of sales growth may not be sustainable. According to Cox, at the end of June dealers had, on average, about a 53-day supply of internal combustion vehicles in stock. The inventory runway for EVs, on the other hand, was more than double that. Overall, there were more than 92,000 electric vehicles available in the second quarter, compared to about 20,000 a year prior.

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