Facing tremendous demand at first, both the Ford Mustang Mach-E and Ford F-150 Lightning were frequently selling for big bucks both in the used and new vehicle markets for some time. However, multiple rounds of price increases and ramped up production have reversed this trend, and now, both have been treated to big price cuts and even factory incentives as inventory improves. Regardless, according to new data from Cox Automotive, this nationwide surge in Ford EV inventory is also part of a larger trend across the automotive industry.
At the conclusion of June, EV inventory in general reached 103 days’ supply, with a grand total of 90,953 units in stock with 26,420 sold and an average listing price of $63,486 – though these numbers don’t include Tesla models, which are sold directly to customers. In terms of Ford EV inventory, the F-150 Lightning ended June with an 88 days’ supply – less than the supply for all F-Series pickups, which is above 100 days – while the Mach-E sat at 116 days’ supply. By comparison, the entire new vehicle market had a 53 days’ supply – 39 percent higher than last year.
At the same time, average EV pricing was down 20 percent year-over-year to $53,438, while EVs enjoyed higher incentive spending than ICE models as well – 7.1 percent of average transaction pricing, compared to 4.2 percent for the overall market as a whole. Meanwhile, total U.S. supply of available unsold new vehicles stood at 1.95 million units at the end of June, down slightly from 1.96 million in May – which is also 75 percent or 835,000 units more than June 2022.
Meanwhile, new vehicle sales increased by 26 percent in June with a total of 1.1 million units moved, which clearly hasn’t had much of an impact on inventory levels. “Sales of new vehicles closed the first half of 2023 surprisingly strong,” said Cox Automotive Senior Economist Charlie Chesbrough. “Pent-up demand from individuals and businesses that could not find their product or a price they were willing to pay last year was unleashed.”
We’ll have more on the state of Ford EV inventory soon, so be sure and subscribe to Ford Authority for 24/7 Ford news coverage.
Comments
“average EV pricing was down 20 percent year-over-year to $53,438”
Is this before dealer markups? The auto sales business is pretty shady these days. Can we really trust these reports?
The EV hysteria is over, and the people who wanted the cool new thing got one. Now, people are making more practical decisions. The costs of EVs and limitations of EVs put them at a serious disadvantage, as does the growing realization that they are not nearly as eco-friendly as originally touted. More discounts are on the horizon. Let the price wars begin!
super duty buyers like me are paying the price. 5 years ago a king ranch F-350 was 69K
now its 98K . we need the trucks, so we have to pay, but things will adjust eventually, because I do not think everyone can afford 100K trucks with 1500 payments. The lightning fad will change alot. buyers that bought in last two years paid a hammer price, now there 10K off, so all those guys lost 10K this week, and in 3 more years the truck will be worth 20% of what they paid because of improvements in tech, and a battery life that falls over time.
Article never mentions that Ford now has subvented their rates at 2.9% which is amazing. I bought my ’23 MME in June I had on order for over 14 months at 4.9% but I did get $6500 PCO which made it sweet.
The Peoples Republic of California will be forcing customers to buy EV’s. Ship them all there.
New Moscow on the east coast is next.
Je suis intéressé pour la Ford ranger 2L 213ch avec la grosse calandre marquer du gros Ford. En occasion merci