Ronald Stein: The EV market hits the brakes as sales hit a speed bump
The profiles of common folks for potential EV ownership are vastly different from those of current elite EV owners.
The elites have bought EV’s, and elites may continue to buy EV’s, BUT we’re quickly running out of elites!
The average debt in America is almost $60,000 across credit cards, mortgages, auto loans, and student loans. The common folks need a workhorse vehicle, not just a second car toy that sits in the garage to be used on short ventures!
Inflation has changed the way many Americans shop. Fed up with prices that remain about 19 percent on average, above where they were before the pandemic, consumers are fighting back. More Americans are buying used cars, but there has yet to be a used EV market!
Mandating a change to EV ownership and further financial austerity onto those that can least afford it, is facing a rebellion from those that need transportation. The problem is that manufacturers are loading up the “supply chain” with EV’s on dealer lots, but they’re not seeing the “demand” for EV’s coming from the public.
