EV Supply Outpaces Industry Average

New electric-vehicle supply in many areas of the U.S. far exceeds that of gas-powered models, Cox Automotive said in a report on consumer EV consideration.

As automakers churn out more EV models and increase EV production overall, they’re shipping more units than consumers are buying.

Days of EV supply in June neared 100, almost twice the industry average, Cox said.

Cox estimates that EV sales will make up less than 8% of new-vehicle deliveries this year, though more consumers say they’re considering going either new or used electric: 51% last year compared to 38% in 2021. Used EVs make up about 1% of the market, Cox said.

The higher cost of EVs; limited charging infrastructure; and the cost of replacement batteries were the top obstacles to EV adoption in polled consumers’ minds.

As the unknowns of EV ownership hamper adoption, a survey by Verra Mobility finds that many Americans are open to renting an EV as a kind of glorified test drive before taking the purchase plunge.

Seventy-eight percent of survey respondents said they’d consider an EV rental to try out the electric experience, Verra Mobility said, based on the poll of 2,000 Americans over age 25.

Other poll results add to Cox’s findings about adoption anxiety:

• 63% believe maintenance costs would be higher with an EV.
• 43% think they’d likely need more roadside assistance with an EV.
• 79% expressed “range anxiety,” or fear of running out of battery charge while on the road.

Renting an EV seems to make a difference when it comes to those anxieties. Verra Mobility said that 64% of EV renters said they’d consider buying an EV based on their renting experience.

Rental car companies are expanding their EV fleets, including Hertz, which plans to make a quarter of its fleet electric by the end of next year.

DIG DEEPER: Survey Shows EV Gap Between Consumers, Dealers