DETROIT — Electric vehicles have reached a critical mass, outpacing average days' supply of gasoline vehicles at dealerships, according to Cox Automotive, but some dealers still need convincing.
EVs are no longer exclusive to the new-vehicle market, said chief economist Jonathan Smoke. EV emergence in the used and wholesale market gives them more staying power, he said.
"Up until now, this has been a Tesla, Nissan, GM story and a little bit of Volkswagen," he told Automotive News. "The critical point is that it finally means something in every part of the industry, but it also means we've got ample opportunity to find where it's successful and where it's not quite as successful."
EV production growth is outpacing sales, Cox said. EVs made up 7 percent of new-vehicle sales in the first quarter, Cox said, with affordability as consumers' primary purchase barrier.