Despite a push for electric vehicles (EVs) buyers are “just not coming,” according to a Washington car dealer.
“It’s always been the ‘build it and they will come’ strategy,” Vince Sheehy told Business Insider. “And they’re just not coming.”
Ford recently reported that its EV division lost $1.33 billion last quarter.
GM also announced that the company would drop its target of producing 500,000 EVs over the next year.
Last month, Mercedes CFO Harald Wilhelm described the EV market as a “brutal space,” noting that he can “hardly imagine the current status quo is fully sustainable.”
In September, American Faith reported that several U.S. car dealerships said that electric vehicles (EV) are sitting in lots amid a market slump.
“We have turned away EV inventory,” said Scott Kunes, the chief operating officer of Kunes Auto and RV Group.
“We need to ensure that we have a good turn on it,” he said.
According to vice president of vehicle forecasting at AutoForecast Solutions Sam Fiorani, “It’s not just that these vehicles are expensive—which they are. We’re talking about a much more nuanced lifestyle change.”
“Dealers know in real-time with real-time feedback what the market is doing,” said Karl Brauer, an analyst for iSeeCars. “They have always acted as the first warning lights on the dash for the automotive industry.”