At the New York Auto Forum this year, CBT News anchor Jim Fitzpatrick was joined by NADA’s President and CEO, Mike Stanton, to delve into the pivotal challenges and skepticism surrounding the adoption of EVs, particularly in terms of infrastructure, incentives, and consumer affordability.
Key Takeaways
1. Stanton highlights the challenges facing EV adoption in the market, including issues related to infrastructure, insufficient incentives, and affordability. Despite improvements in regulations, there remains a significant gap between the push for EVs and actual consumer demand, with dealers skepticism regarding the viability of the current EV market trajectory.
2. Dealers express skepticism about the rapid transition to EVs, driven by concerns over vehicle affordability and a supply glut, evidenced by EVs accumulating on lots. The conversation indicates a substantial inventory discrepancy between internal combustion engine (ICE) vehicles and EVs, pointing to potential market imbalances and the need for cautious optimism in EV sales projections.
3. Additionally, Stanton touches on broader economic and political factors affecting the automotive industry, including the impact of election years on market stability and consumer confidence. While there is a sense of returning to pre-pandemic business norms, underlying concerns about market softness and the need for stability and predictability in the political landscape are apparent.
"We're facing significant challenges in the EV market, with concerns over infrastructure, incentives, and affordability still looming, despite regulatory improvements." – Mike Stanton.