While EV sales volumes continue to increase, inventory levels are rising faster, according to Cox Automotive’s analysis of vAuto Available Inventory data released Dec. 14.
New electric-vehicle supply at the end of November reached 114 days. EV inventory levels have been climbing throughout Q4 and by volume and days’ supply are at a high point for the year.
EV inventory estimates from Cox Automotive do not include Tesla, Rivian or other companies that do not have a dealer body holding inventory.
Chevy Bolt inventory levels remain relatively tight, with the larger Bolt EUV model at 59 days’ supply and below the industry average.
The new Subaru Solterra and Toyota bZ4X also both had inventory levels well below the industry average at the start of December, at 42- and 68 days’ supply, respectively.
EVs with higher-than-average inventory at the end of November include, among others, the Nissan Leaf and Ariya, the Kia EV6, and the Mustang Mach-E.
Days’ supply for the Ford F-150 Lightning was at 111 in this timeframe, slightly below average for an EV, but Ford is already acting. The Blue Oval recently announced plans to cut 2024 production targets for its all-electric pickup truck with a new target to build 1,600 trucks a week in 2024, down from the previously planned 3,200 units per week.
In the announcement, Ford said it will match production to customer demand. Ford CEO Jim Farley suggested that the anticipated strong demand has not materialized, blaming high prices and spotty charging infrastructure. By the end of November, Ford had sold just over 20,000 Lightning pickups in the U.S.
Stellantis recently announced it was cutting one of three shifts at a Jeep plant in Detroit and cutting jobs and output at a Jeep plant in Toledo, Ohio.
The automaker blamed strict emissions standards adopted by California and a dozen other states that limit its sales of gas-powered vehicles without penalty as California and the others move towards banning sales of gas-powered vehicles in 2035.
Stellantis has been slower in introducing EVs and hybrids to accommodate the California market.
Originally posted on Charged Fleet