The automotive industry is slowly returning to normal post-pandemic, but electric vehicle (EV) inventories are surging past gasoline cars.
Despite rising fuel prices, EV market share in the U.S. has grown steadily, with battery electric vehicles now exceeding 6% of the market.
Not all EVs are equal; some are compliance models, some aren't suited for North America, and others cater to luxury tastes.
EV tax credits make them more attractive, with the Tesla Model Y becoming a top seller after accounting for these credits.
Tesla leads the EV pack thanks to unique product design, pricing, and an aura of exclusivity in its sales approach.
Improved supply chains post-pandemic have contributed to higher EV inventories.
Popularity of EV models and demand varies by region, with coastal cities more enthusiastic.
Rural areas and regions with harsh winters have less interest in EVs due to charging infrastructure and climate concerns.
The industry struggles to balance EV inventory with demand, a challenge that varies by location.
Some buyers remain skeptical about EVs due to lifestyle fit, serviceability concerns, and regulatory pressure.