Talking percentages is kind of misleading with EV’s since the number of cars sold is much smaller compared to ICE (for obvious reasons). A 50% Q3 increase in EV sales is about 100K vehicles. I’m having trouble finding ICE only data, but all vehicle sales in Q3 23 had a 15% increase over Q3 22 which is about 600K cars. It’s not exactly an apples to apples comparison.
The reason people say EV sales are slowing is because the growth is not as high as it was, even though it’s still growth. EV’s often sit on dealer lots longer than their ICE counterparts currently. Check out the Cox data on this from Q2 and Q3.
And I’m not arguing EV vs ICE because they both have their place. I’m strictly talking about the numbers.
Talking percentages is kind of misleading with EV’s since the number of cars sold is much smaller compared to ICE (for obvious reasons). A 50% Q3 increase in EV sales is about 100K vehicles. I’m having trouble finding ICE only data, but all vehicle sales in Q3 23 had a 15% increase over Q3 22 which is about 600K cars. It’s not exactly an apples to apples comparison.
The reason people say EV sales are slowing is because the growth is not as high as it was, even though it’s still growth. EV’s often sit on dealer lots longer than their ICE counterparts currently. Check out the Cox data on this from Q2 and Q3.
And I’m not arguing EV vs ICE because they both have their place. I’m strictly talking about the numbers.
The dealer lot info is really irrelevant. It shows an in-balance in supply demand for some brands, but overall speaking only sales number matter.
You can argue what happened was some companies overestimated the growth of EV market or overestimated the desirability of their own product.