US Electric Vehicle Inventory Hits Record High... Ford and GM Cut Production Volume

Cox Automotive Survey
December Inventory Covers 114 Days of Supply... Twice Last Year's Amount

As the growth of the electric vehicle (EV) market slows down, the inventory of electric vehicles in the United States has increased to a record high, reaching a supply equivalent to 114 days this month.

On the 16th, Bloomberg News cited data from U.S. automotive market research firm Cox Automotive, reporting that EV inventory in December currently stands at a 114-day supply, more than double the 53-day supply from the same period last year. This is significantly higher than the overall vehicle inventory of 71 days.

The surge in inventory is attributed to rapidly declining EV demand among Americans due to high interest rates, high inflation, and insufficient charging infrastructure.

By model, Ford's Mustang Mach-E had the highest inventory with a 248-day supply. The F-150 Lightning accumulated 111 days of inventory. Nissan Leaf and Kia EV6 inventories were 183 days and 145 days, respectively.

However, the inventories of Tesla and Rivian Automotive were not included in this EV inventory count. Bloomberg explained that it is difficult to track their inventory because both companies sell vehicles directly to consumers without going through dealers.

A U.S. automotive dealer association sent a letter to President Joe Biden last month, stating that "cars are piling up in parking lots" and requesting a "brake on the mandatory EV policies."

As EV growth slows and inventories surge, EV manufacturers have begun cutting production. Ford announced this week that it will reduce production of its electric pickup truck, the F-150 Lightning plug-in pickup, by half next year. General Motors (GM) also stated it will delay the production timing of some new electric vehicles.