Some electric cars are flying off dealer lots, while others have been harder to sell.
That's according to data from Cloud Theory, a data analytics firm that tracks dealership inventory across the US.
As automakers ramp up production of electric vehicles, some are having a harder time getting them off dealership lots than they did a year ago, Cloud Theory found.
For example, while Hyundai has more than doubled the number of Ioniq 5 EVs in dealership inventory from 2022 to 2023, the turn rate (or the number of these cars that leave dealer lots within a 30 day period) has declined. Last year, about 82% of Ioniq 5's left lots within 30 days, but this year, only 37% have, according to Cloud Theory.
Volkswagen, which has about four times as much inventory of the ID.4 on average in a given month this year than in 2022, was selling all of its ID.4 inventory within a month last year. This year, about 70% of ID.4's leave dealer lots in that time.
The sale pace for Ford's Mustang Mach-E fell from 95% sold within 30 days last year to 64% selling in that period this year.
Why this is the caseA year ago, car companies were churning out fewer EVs, creating a perception of scarcity and sparking a bit of a supply-and-demand rush. Customers interested in going electric snatched the only Mustang Mach-E or other EVs they saw on the lot. High gas prices had even EV-curious customers taking the plunge.
Fast forward to this year, and production is getting closer to full swing, meaning more of these cars are available. At the same time, more automakers are launching product — spreading the wealth in terms of customer purchases. And the broader economic environment, coupled with sky-high interest rates, has a lot of prospective buyers holding off on making a substantial purchase.
"Vehicle movement — the way that we capture sales — is growing," Rick Wainschel, industry analyst and Cloud Theory VP of data science and analytics, told Insider. "But it's not nearly keeping pace with the rate of inventory growth. You've got pressure on those manufacturers that are selling those vehicles and introducing new ones and adding production to the existing ones all at the same time, all by the way, while Tesla is the 800-pound gorilla in the space."
"A year ago, the overall inventory situation in the marketplace was very challenged," he added. Now, "There's this glut of new models to choose from for consumers, and it got diluted when you look at the turn rates across all of those manufacturers all doing that at the same time."
Cloud Theory's numbers indicate which EVs might be easiest to find right now, and which might still be in short supply. To gather the data, Cloud Theory indexes dealership inventory via their websites, as well as collects diagnostic information like how long a vehicle was on their site. Cloud Theory does not get data for Tesla as the company does not sell through a traditional dealership model.
"The train is going down the tracks" with electrification collectively, Wainschel said, but for individual automakers with an EV to sell, it's a lot harder.
Here's a look at some of the easiest-to-find and hardest-to-find electric cars for many of the EVs that saw inventory availability increase from last year to this year.