Awesome offers Abound! Incentives Soar as EVs languish on dealer lots
Another sign of the struggle carmakers are having in attractive electric vehicle buyers: according to the J.D. Power Automotive Sales Forecast for October, EV incentives rose to 11.4% of MSRP compared to 4.7% in the same month a year ago.
READ MORE ABOUT EV SALES PROBLEMS
So sorry, planet Earth, but we Americans are really not all that interested in EVs
The EV unfaithful: 81% Of Electric Vehicle Owners also Have a Gas-Powered Car
This is bad news for the industry, as it shows that the struggle to get consumers to buy EVs continues and that lower prices are essential to adoption.
Elizabeth Krear, vice president of electric vehicle practice at J.D. Power, commented on another negative trend: “Right now,” she said, “83% of EV inventory is model year 2024 and 42% of gas-powered inventory is of model year 2024.” Ideally, there would be more room on dealer lots for 2025 models.
An example of the issue is the finance option for one of GM’s EV flagships, the Cadillac Lyriq EV AWD Tech. Cadillac offers an unusually low lease deal of $419 monthly for 39 months for the 2024 model. Cadillac should not have to offer any incentives at all. The Lyriq was released as something of an EV supercar.
Meanwhile, Ford offers a 0% rate for 72 months on its 2024 Mustang Mach-E, which means it must be losing money on this financial offer.
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