Prices Of EV Fall As Automakers Are Increasing Their Production

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Prices Of EV Fall As Automakers Are Increasing Their Production

For the last couple of years, it has been a hard time for automakers to find enough batteries and other parts that are required to produce electric vehicles. However, this problem is a thing of the past now as automakers are finally producing large numbers of electric cars and trucks. By this year itself, more than thirty models will come to showrooms.

However, there is also a dire need for customers in the EV market. Although the sales of electric vehicles are increasing at a somewhat steady rate, there has been an increase in the EV-sales by 45% in the second quarter of last year. The problem is that this increase is not fast enough with the pace of the number of vehicles that automakers are producing.

According to a report in New York Times,

More than 90,000 battery-powered cars and trucks are sitting on dealer lots, four times as many as a year ago, according to Cox Automotive, a market research firm. That’s enough to last 103 days at the current rate of sales, compared with about 50 days for the industry as a whole.

Due to this lack of balance between supply and demand, manufacturers are offering incentives and cutting prices to attract more customers. Big EV companies like Ford Motors and Tesla are cutting down their prices to increase their sales of the electric vehicles in their inventory.

However, it also seems that many consumers, despite showing their interest in electric vehicles, are still not ready to make a purchase. Some of them are cynical about the high prices and are eagerly waiting for the prices to come down, such that they are comparable to gasoline models. This is highly likely to happen, as it seems from the recent price cuts.

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