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New vehicles sales are down in January 2024 as a whole. The proverbial "$10k off MSRP" on a Chevy pickup is back. Inflation is almost normal, but that doesn't necessarily mean prices (MSRP) have come down. Incentives are getting good, though. I believe there will be some slack water in this space between inflation and feds cutting rates.
The other momentum that EV's have lost as of recent are falling fuel prices. Domestic oil production is at record highs and oil prices have fallen. It's hard to juggle those two ideas- on one hand, the US has seen a great bump in EV adoption and sales in the last two years, but we've also removed the cohort of EV buyers who are red-hot and fed up with yo-yo fuel prices (mostly high). Two things at once. It will be interesting to see the road ahead.
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