Some EVs are hot, and some are not. To provide you with real-time insights, we’ve gathered EV inventory data from CarEdge Data and Car Search to reveal which electric models are flying off the shelves, and which ones are taking their time.
We haven’t included direct-to-consumer brands like Tesla, Rivian, Lucid, VinFast, Fisker, and Polestar in our analysis. They don’t share their inventory data, but you can see their most recent sales totals here.
The Fastest-Selling Electric Vehicles Today
As the EV market continues to evolve, some models are in higher demand than others. Usually, it’s a combination of charging speeds, range, and price that bring swarms of buyers. Here, we highlight the fastest-selling electric vehicles in 2023’s market. These are the models with the lowest market-day supply (MDS), which is a reflection of inventory and daily selling rates over the past 45 days.
|Make||Model||Market Day Supply||Total For Sale (US)||Starting Price||Average Price Paid|
The Chevy Bolt EV and larger Bolt EUV have been popular choices for budget-minded EV buyers. The i4 is a top-selling luxury sedan this month. EVs now make up 15% of BMW’s US sales, with Mercedes-Benz and Audi close behind.
The average starting price (MSRP + destination charge) of the fastest selling EVs is $50,206. On the other hand, the average selling price is $66,659, or 19% higher than the starting price for these same models. This is mostly due to the popularity of higher-trim cars, but dealer markups are also to blame. We have proof that EVs are negotiable. We don’t recommend paying any dealer markups on electric cars, trucks or SUVs.
Hyundai and Kia electric models are selling much faster right now than in recent months. Hyundai is second in EV market share in the US market, but remains far behind Tesla. Here’s the latest EV market share and sales update.
The Slowest-Selling Electric Vehicles Today
While some EVs race off dealership lots, others linger in showrooms, waiting for their new home. Technically, the all-new BMW i5 has the highest market day supply right now, but there’s a catch. The i5 is arriving on dealer lots for the first time, leading to an unrealistic inventory of 868 days. Therefore, selling rates are skewed and will remain inaccurate until the i5 has been on sale for at least 45 days. Here are the true electric models with the highest inventory and slowest selling rates:
|Make||Model||Market Day Supply||Total For Sale (US)||Starting Price (MSRP+destination)||Average Price Paid|
Among the slow-sellers, the average starting price (MSRP+destination) is $70,452. What about how much buyers are actually paying? CarEdge Data reveals that the average price paid averages out to $85,531 for these same models.
Interestingly, the average price paid for the ten slowest-selling EVs is 22% higher than the starting price, versus 19% higher for the fastest-selling EVs. This shows that luxury buyers don’t mind spending well above the base price, making $100,000+ EVs common.
Notably, the slowest-selling EVs tend to be luxury models, such as the Jaguar I-PACE and Porsche Taycan. However, the I-PACE is getting a refresh for the 2024 model year, making it a potential contender for luxury EV buyers.
Despite these slow sellers, the overall EV market continues to grow, with automakers producing more EVs than ever before. 2023 will be the first year with 1,000,000+ electric vehicles sold in America. Analysts expect the milestone to be reached in November.
EV Market Resources
If you’re as fascinated by evolving EV market data as we are, you’ll love these other market updates:
Which electric vehicles are you interested in? Which do you love, and which do you hate? Let us know in the comments below, or hop on over to the CarEdge Electric Vehicle Forum.