Automotive shopping guide and tracking site Edmunds.com reports that EV sales activity cooled in October after setting sales records in September, a direct result of the end of the $7,500 federal tax credit. They also report that average transaction prices for new electric vehicle (EV) during the month as well.
Market watchers, including Edmunds, suggest that October will mark the start of what will likely be a normalization of interest in EV ownership, in contrast to the feeding frenzy resulting from the end of the tax incentives.
In fact, Edmunds own data shows that EV interest, while down from 12.7% in early September, dipped only to 9.0% in mid-October, remaining close to the roughly 10% level the industry has seen for several years. The implication being that there remains a good number of buyers for electric vehicles going forward.
For the record, Edmunds measures EV interest weekly.
The question is, will manufacturers continue to develop new and more affordable EVs. At last count, EVs are now on average about 12% more expensive than an average new internal combustion engine (ICE) vehicle. And while this gap continues to trend downward in a hurry, the EV industry remains heavily weighted towards premium vehicles.
We’ve argued in the past that the EV industry would do well to create a broader mix of lower priced, reduced featured vehicles to truly dent the new vehicle market.
One really good outcome from the spike in EV sales as the tax incentives came to a close is that we are two or three years away from a surge of pre-owned EVs, which can only be good for the overall EV marketplace.
The material on these pages is provided for information sharing purposes only and should not be used in lieu of an OEM service manual or factory authorized service procedure. We are not in the auto repair business, nor do we publish automotive service manuals. Nothing we include on these pages and posts has been reviewed, approved or authorized by any vehicle manufacturer.
Remember — only proper service and repair procedures will ensure the safe and reliable operation of your car. In addition, proper safety procedures and precautions, such as the use of safety goggles, the right tools and the equipment should be followed at all times to eliminate the possibility of personal injury or improper service which could damage the vehicle or compromise its safety.
Technology is always changing and what is current and accurate today may be literally out-of-date and inaccurate tomorrow. And when it comes to the current state of flux in the auto industry, nothing is more true.
The author has 30+ years of automotive experience and has assembled the most extensive collection of symbols and warning lights anywhere (over 1,000!) and can help you open and start any keyless start car with a dead key fob battery. BA, St. Joseph’s, ME: MS, RPI, NY
EV sales cool in October but interest remains solid
Automotive shopping guide and tracking site Edmunds.com reports that EV sales activity cooled in October after setting sales records in September, a direct result of the end of the $7,500 federal tax credit. They also report that average transaction prices for new electric vehicle (EV) during the month as well.
Market watchers, including Edmunds, suggest that October will mark the start of what will likely be a normalization of interest in EV ownership, in contrast to the feeding frenzy resulting from the end of the tax incentives.
In fact, Edmunds own data shows that EV interest, while down from 12.7% in early September, dipped only to 9.0% in mid-October, remaining close to the roughly 10% level the industry has seen for several years. The implication being that there remains a good number of buyers for electric vehicles going forward.
For the record, Edmunds measures EV interest weekly.
The question is, will manufacturers continue to develop new and more affordable EVs. At last count, EVs are now on average about 12% more expensive than an average new internal combustion engine (ICE) vehicle. And while this gap continues to trend downward in a hurry, the EV industry remains heavily weighted towards premium vehicles.
We’ve argued in the past that the EV industry would do well to create a broader mix of lower priced, reduced featured vehicles to truly dent the new vehicle market.
One really good outcome from the spike in EV sales as the tax incentives came to a close is that we are two or three years away from a surge of pre-owned EVs, which can only be good for the overall EV marketplace.
Edmunds offers a good deal more data on EV sales in their report that you can see here.
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The material on these pages is provided for information sharing purposes only and should not be used in lieu of an OEM service manual or factory authorized service procedure. We are not in the auto repair business, nor do we publish automotive service manuals. Nothing we include on these pages and posts has been reviewed, approved or authorized by any vehicle manufacturer.
Remember — only proper service and repair procedures will ensure the safe and reliable operation of your car. In addition, proper safety procedures and precautions, such as the use of safety goggles, the right tools and the equipment should be followed at all times to eliminate the possibility of personal injury or improper service which could damage the vehicle or compromise its safety.
Technology is always changing and what is current and accurate today may be literally out-of-date and inaccurate tomorrow. And when it comes to the current state of flux in the auto industry, nothing is more true.
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The author has 30+ years of automotive experience and has assembled the most extensive collection of symbols and warning lights anywhere (over 1,000!) and can help you open and start any keyless start car with a dead key fob battery. BA, St. Joseph’s, ME: MS, RPI, NY