Maine Motorists Revved Up on EVs, But Supply Is Low

The age of the electric vehicle (“EV”) is nigh. All around the world, drivers are becoming increasingly interested in these zero-emission vehicles because of their environmental benefits and the long-term cost savings they offer. The fact that automakers are consistently working to develop superior EVs with faster charging speeds, extended range and a ton of cool features has pushed the demand for EVs even higher.

However, thanks to the worldwide computer chip shortage, suppliers have been unable to meet the growing demand for electric vehicles. The situation is especially bleak in Maine, said Adam Lee, chairman of the board of Lee Auto Malls.

Electric vehicles that arrive at the the Lee car lot do not stay there long; they are gone as soon as they land at the lot at Lee Auto Mall or Rowe Auburn, Rowe salesman Agazy Abraham says, noting that consumer interest in EVs is growing every day. But despite the high demand for these quiet, high-tech cars, says Lee, the gap in supply has caught people by surprise.

He points to the ongoing global computer chip shortage as the reason for the electric vehicle shortage. And with consumers armed with tax credits and rebates designed to subsidize the relatively high cost of buying an EV, they have no choice but to wait for the computer chip supply chain to straighten itself out.

According to Lee, electric vehicles usually make up only 4% of the vehicles sold at the Lee Auto Mall. So for every 100 cars, the dealer usually only has around four EVs for sale. Since the computer chip shortage has affected the auto industry as a whole, not just the EV segment, the total number of cars on the dealer’s lot has declined, making EVs even more scarce than they already were.

For instance, Lee says, the dealer is expecting a delivery of three Nissan Leafs next month, and all three have already been purchased. The global chip shortage is preventing well-meaning drivers who would love to use less fossil fuels and help preserve the environment from getting the electric vehicles they want.

On the bright side, dealerships expect more EV and hybrid plug-in models to arrive at their lots in the near future, including the all-electric Volkswagen ID4 and the plug-in hybrid Hyundai Santa Fe. At the moment, all customers can do is place orders on the incoming EVs and sit tight until the order arrives.

The user demand shown in Maine and elsewhere across the country is a good indicator of the market that EV industry players such as Workhorse Group Inc. (NASDAQ: WKHS) have to satisfy in the coming years.

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