When the Biden administration lowered electric vehicle adoption targets from 67% to 35% by 2030 it did two things—throw a lifeline to automakers feeling the pressure to produce and sell EVs while tossing a big bucket of ice cold water on companies which sell only battery powered vehicles.“In terms of the balance between inventory share and movement share, EVs have been in an oversupply situation since the beginning of 2023 when the former started to outpace the latter,” the report said.
Wainschel vice president data science and analytics at Cloud Theory in an interview. “I think what that does is it changes the dynamic and the competitive structure between the traditional OEMs in their favor and with Tesla and Rivian and Polestar and the others, which is going to make their road to success harder.”
“While this is the highest number to hit that milestone to date, the pace of that growth slowed considerably over the past year,” the report said.