EV6 Sales Falling Dramatically
The Tesla price cuts seem to be giving Kia a pummeling in the US. EV6 sales down below 2,400 for first quarter with plenty of dealer inventory. The tax credit gap is very significant in this price bracket. I think it will put pressure on Fisker re the Ocean once they work through the 2023 committed volumes. Will be a bad day for EV stocks tomorrow if everyone but Tesla takes a hit on sales. Hoping that does not happen (expecting Lucid to get clobbered, Rivian to get a bump).
Meanwhile, Tesla as expected posted crazy quarter with deliveries at annual rate of ~1.7 million vehicles.
In the USA they definitely got hit by the tax credit changes. Like everyone they have to adjust to the tax credit changes if they want to be competitive in the U.S. I don't think the USA sales for the EV6 ever made it to 5% of its global sales. Limited availability is still a limiting factor in the U.S (outside of Cali?) . Only one EV6 comes up near me in AZ, a 2023 EV6 Wind (RWD) with $51,670 MSRP*. If I was looking for an EV now I would look at that.
Also many Lucids appear to just be sitting at the lot near me(for many months). At $150K each I doubt the tax credit is the key factor. Tesla price cuts on MX and MS probably do. but mostly I think they got the market wrong in US. Rivian and Ford F-150 Lightning are more on target.
Ocean One 4301 | Mariana | Maliblu | 22” F3b SlipStreams |