Rising inventories and price-cutting could represent only a short-term pause in EV market growth.
If production of EVs continues to outpace demand, automakers will have to choose between slashing prices and profit margins, or slowing assembly lines.
More than 90 new EV models are expected to hit the U.S. market through 2026, according to AutoForecast Solutions.
In a statement, Volkswagen's U.S. sales arm said "we have seen some softening in EV sales in the U.S. recently" as supply chain bottlenecks have eased, allowing for increased production.
Wakefield said it is too soon to declare that U.S. EV demand has hit a plateau.
Persons:
Tesla, EVs, Cox, Ford, Vitaly Golomb, Biden, Price, Mark Wakefield, Wakefield, Joe White, Nick Zieminski
Organizations:
DETROIT, EV, North, AutoForecast Solutions, Dealers, General Motors, Ford, Hyundai, Toyota, Cox Automotive, U.S, Cox, GM, Cadillac, GMC, Volkswagen, U.S ., VW, Industry, EVs, Thomson
Locations:
U.S, North America, United States, Texas, Washington, Tennessee