[Stiri Auto] While Battery-Electric Vehicle Sales Stall, Hybrids Pull Ahead

[REFLX]

There has been a four horsemen of the electric vehicle apocalypse dynamic coming out of automaker boardrooms and the supporting industries for some time now. EV demand has come and gone, at least for now, some executives say. These forward-looking statements tie directly to sales, but the effects on industry workers are present and clear, too.

Earlier this fall, we reported on General Motors' claim that EV sales were trending downward and found that such a claim depended on where you looked, as is the case with many statistical statements. But the analysts at iSeeCars crunched the actual numbers on 2.3 million new and one- to five-year-old used car sales to prove a point.

In doing so, iSeeCars found that there is, in fact, a downward spiral of EV sales, both new and used. Used EV prices have fallen 33.7% year-over-year, with an average unit price of $34,994, while the used car market as a whole only dropped 5.1% year-over-year. Notably, the average used EV price in 2022 was $52,821. Similarly, used hybrid prices are down 9.6%.

Even with cheaper price tags, used EVs remain stagnant on dealer lots, averaging 52.4 days before being sold. Compared to data from 2022, that's an additional 14.9 days on the market, indicating rapidly slowing demand or increased EV skepticism from used buyers. Examining the full market of used cars reveals an average of 49.2 days on lots.

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