Despite a slight overall increase in total vehicle inventory
in the US in October 2024, electric vehicle (EV) inventory has
continued to decline, signaling potential challenges in EV demand
and production.
Here are the top 4 takeaways from our monthly US inventory
review:
1. Inventory hits post-pandemic high for second month in a
row.
At the end of October 2024, available retail advertised
inventory in the US was 3.06 million vehicles, a slight 0.2%
increase over September. This marks the second consecutive month of
new vehicle inventory being over three million units, which is a
high since the pandemic.
Advertised Inventory Count, June 2022 – October 2024
2. Conversely, electric vehicle inventory continues to
fall
Despite the overall growth in inventory during the past several
months, electric vehicle inventory continued to fall, decreasing
2.6% compared to September. The recent decrease is a reversal of
the trend from the past couple of years—where EVs inventory
grew at a rate exceeding that of ICE vehicles—and is perhaps a
sign of lower-than-expected demand leading to reduced EV
production.
Electric Vehicle Retail Advertised Inventory, June 2022 –
October 2024
Among EV models, Ford Mustang Mach-E inventory increased 8.3%
from September, but it is down 25.6% vs. October 2023. The Honda
Prologue demonstrated the highest month-over-month growth in
October, ending the month up 17.0% from September and at slightly
more than 15,000 vehicles.  Most of the other top EV models have
continued to show lower decreasing inventory since this past
spring.
Electric Vehicle Advertised Inventory by Model, June 2022 –
October 2024
3. 2025 model years are gaining momentum even as 2024 inventory
remains high
2025 model year vehicles continue their rollout, up 27.3% vs.
last month and now close to the same level as 2024 model year
inventory. 2023 model year has very few vehicles remaining now.
Advertised Inventory by Model Year, June 2022 – October
2024
Of 2024 model year vehicles, Ford has the most by far and is the
only one of the top brands that has increased its 2024 inventory in
the last three months.
2024 Model Year Inventory by Brand
4. Average days on dealer lots has increased for all top
brands
The average days on dealer lots increased slightly to 81 days at
the end of October, continuing the steady increases seen over the
past year.
Average Days on Dealer Lots
While all of the top brands have shown increases in the average
length of their inventory in October, Ram and Jeep brands have
shown the greatest increases over the past several months and now
are both over 150 days.
Average Days on Dealer Lots, by Brand
Toyota, at 32 days, and Honda, at 46 days show the lowest
average age of advertised inventory, in part due to the amount of
pipeline that dealers show in their listings.
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