The tightening of days' supply for new and used electric vehicle markets shows healthy consumer interest.
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The latest numbers on sales, days' supply, and average transaction prices show a growing EV market at the end of 2024.
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Used EV sales rose a whopping 63% so far year over year, while new EV sales increased about 14%.
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EV sales may experience some tailwinds, leading to robust activity through the end of the year.
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But used EV sales demonstrated slower, steady growth, remaining a small part of the market.
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Q2 new electric vehicle sales are up 11% from EV sales in Q2 2023 due mostly to improved availability, higher discounts, and elevated levels of leasing.
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The Q1 2024 decline in electric vehicle sales was the first quarter-over-quarter downturn since Q2 2020.
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EV transaction prices in February were lower year over year by 12.8%, an accelerating decline compared to January when prices were lower year over year by 11.6%.
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In an effort to jump start a slowing market, EV manufacturers will offer more models, incentives, discounts, advertising, and sales muscle.
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EV inventory is stacking up on dealer lots as consumers spooked by high prices and sparse charging stations second-guess or resist buying them.
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