Want an EV? You may have to wait – TechCrunch

Rising demand for this year’s most anticipated electric vehicles is smashing order books and lengthening waiting lists.

That $60,000 Cadillac Lyriq SUV is the latest model to close its order book for 2023. The automaker said it has moved the Lyriq’s waiting list to the 2024 model, which is still open for orders.

However, rising supply chain costs mean customers of the Lyriq and other electric vehicles may be paying hundreds or thousands of dollars more for a vehicle that arrives months later than expected. This is especially true for companies that had to cut their 2022 production forecasts due to component shortages.

It’s a scenario playing out at companies from Tesla to Rivian to Ford. Longer-than-expected waitlists — and wait times due to the state of the automotive supply chain this year — have led to a backlog of customers frustrated by the delays.

Reddit is full of comments from disgruntled shoppers whose estimated wait time has increased by months or been pushed back multiple times.

One Rivian R1S customer said: “I pre-ordered mine last October and my estimated delivery date was the first half of 2023. And that was before Rivian drastically reduced its expected production numbers by almost half due to supply chain constraints.”

Tesla boss Elon Musk issued a warning rising prices and delivery times during the automaker’s earnings call for the first quarter of 2022 in April.

“It may seem like we may be unreasonably increasing the prices of our vehicles given that we had record profitability this quarter,” Musk said. “But the waiting list for vehicles is quite long, and some of the vehicles that people on the waiting list will order will go into next year.”

demand for the Ford F-150 Lightning is so strong that Ford had to publicly address its resale policy, ultimately leaving the decision up to the dealer. The automaker has already doubled its planned annual production to 150,000 vehicles.

Meanwhile, fluctuating prices and the availability of raw materials and other commodities are forcing some companies to produce fewer vehicles than planned. Lucid has lowered its 2022 production guidance to 12,000 to 14,000 units from the original plan of building 20,000 vehicles. Rivian could also miss the 20,000 units forecast earlier in the year.

Want an EV? You may have to wait – TechCrunch Source link Want an EV? You may have to wait – TechCrunch

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