9 Electric Cars That Are Unlikely To Sell
The U.S. government wants half of all new car sales to be electric by 2030, according to Yahoo Finance, but consumers don’t seem as optimistic.
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A recent Yahoo Finance/Ipsos poll found that over half of Americans (57%) said it’s unlikely that they will purchase an electric vehicle the next time they shop for a new car. Additionally, 4,000 car dealers across the country said unsold electric vehicles are piling up in their lots, according to a group called EV Voice of the Customer.
“I think there’s a lot of different factors,” Stephanie Valdez-Streaty, Director of Industry Insights at Cox Automotive, told Yahoo Finance. “I think it’s price [of EVs], it’s infrastructure; I think that range anxiety is really infrastructure anxiety.”
When asked what concerns them the most about buying an electric car, 70% of respondents in the poll were worried about overall cost, 73% were concerned about driving range and 77% noted a lack of charging stations.
Americans bought over one million electric vehicles this year — a significant milestone — but that number still falls short of expectations, Intelligencer has reported. Electric pickups and SUVs sit on dealer lots for nearly three months, and some dealers are even pushing back production.
Recently, YouTube channel “The SUV Geek” gathered EV inventory data from CarEdge to find which EV models are sitting on dealer lots the longest. Here are the nine electric cars that are the least likely to sell.
Jaguar I-Pace
The Jaguar I-Pace electric crossover arrived in late 2018, but car shoppers say the charge rate and estimated range could use some improvement, according to Car and Driver. The SUV Geek said many could not get near the 300-mile range Jaguar advertised, and early buyers had difficulty getting their new vehicles fixed because dealer technicians weren’t trained.
U.S. Jaguar dealers are holding about 400 units in total with no buyers, which converts to almost two years’ worth of market-day supply. As a result, Jaguar is discontinuing the I-Pace before its brand relaunch in 2025.
Porsche Taycan
The 2020 Porsche Taycan is a sports car sedan that delivers quick acceleration, fast charging and precise handling. However, The SUV Geek noted that the Taycan’s growth has been waning for the past two years.
U.S. dealers are holding onto a little over 2,600 units, a 239 market-day supply at the current sales pace. According to YouTuber “Fourwheel Trader,” Taycan values are down by an average of 28% compared to last year, and some models are down by almost 40% compared to their market top.
Mercedes-Benz EQS SUV & Sedan
The 2024 Mercedes-Benz EQS SUV and Sedan are higher-end vehicles with a driving range between 285 and 340 miles, depending on the model, but The SUV Geek says dealers are struggling to sell EVs due to their premium price tags.
Dealers have over a 221 market-day supply of EQS models in their inventory. Both the SUV and sedan have a starting MSRP of about $105,000, and customers paid an average sale price of $130,000.
Ford Mustang Mach-E
The Ford Mustang Mach-E is in a competitive price range compared to other automakers and has an estimated range of 224 to 312 miles, but Ford dealers are sitting on more Mach-E models than it can sell. Car and Driver reported that the 2024 Mach-E GT performance declines beyond 60 MPH, and it will never match the thrill of a Mustang coupe.
About 25,000 Mach-E crossovers are sitting at Ford dealerships, which is worth 204 days of market supply at the current sales pace. Ford had a target production rate of 600,000 this year, but it doesn’t match up with customer demand.
Genesis GV60
The 2023 GV60 is the first Genesis electric vehicle available in advanced and performance variants. Depending on the variant, the estimated range varies between 248 and 235 miles.
There’s a 190-day supply due to a lack of sales despite initial excitement at the beginning of the year. Car and Driver noted that while the GV60 is quick-charging, the sub-300-mile range and limited cargo space leave little to be desired.
Ford F-150 Lightning
Ford’s F-150 Lightning can go from zero to 60 mph in four seconds with a range between 230 and 320 miles. However, towing quickly drains the battery and requires frequent charging stops.
Ford CEO Jim Farley admitted the F-150 Lighting will “have to improve” after he waited 40 minutes to charge the $50,000 truck’s battery up to 40%, the Daily Mail reported. Data from CarEdge shows that there are close to 9,000 sitting on dealer lots, converting to an 182-day supply.
Nissan Leaf
The Nissan Leaf was the first mass-market EV after its release in 2010 and has a more affordable price of $33,000, but sales have been falling for years. The Japanese automaker has confirmed that it will be phasing out the Leaf, The SUV Geek reported, and U.S. dealers have an inventory of 2,626 units or 161 days of market supply.
Cadillac Lyriq
GM’s Cadillac Lyriq has an impressive battery capacity and a 312-mile range, but the company was forced to cut prices in China by 14%, The SUV Geek said, citing a Reuters report, and sales in the U.S. aren’t doing much better.
As per CarEdge data, there are 2,681 Lyriqs sitting in lots, or 151 days’ worth of supply. GM has even delayed the Chevrolet Silverado EV for another year due to waning EV demand and engineering challenges.
Mercedes-Benz EQE
The Mercedes-Benz EQE was first released in 2023 with a decent driving range of 305 miles, but customers aren’t thrilled with this EV. Car and Driver says the 2023 model had imperfect driver-assist features, navigation system quirks and was not as satisfying to drive as the BMW i4.
The SUV Geek said that according to a manager who runs a Mercedes dealership, they have over six months’ worth of EVs and only a 50-day supply of the company’s gas cars. CarEdge data shows that dealers are carrying 144 days’ worth of supply.
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Though EVs can be an eco-friendly and economical purchase in the long run, you might think twice about purchasing one of the nine vehicles listed above. As with any major buy, be sure to do your research before hitting the car lots.
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This article originally appeared on GOBankingRates.com: 9 Electric Cars That Are Unlikely To Sell
