Growing demand for this year’s most anticipated EVs is causing order books to fill up and waiting lists to expand.
$60,000 Cadillac Lyriq SUV is the latest model to close the order book for 2023. The automaker said it has moved the Lyriq waiting list to the 2024 model, which is still open for orders.
But rising supply chain costs mean buyers of the Lyriq and other electric vehicles could pay hundreds or thousands of dollars more for a vehicle that arrives months later than expected. This is especially true for companies that have had to cut their production forecasts for 2022 due to component shortages.
This is the scenario played out in companies from Tesla to Rivian to Ford. Longer-than-expected waiting lists – and waiting times due to the state of the automotive supply chain this year – have left customers frustrated with delays.
Reddit is littered with comments from disgruntled shoppers whose estimated wait times have increased by months or been delayed multiple times.
One Rivian R1S customer said: “I pre-ordered mine last October and my expected delivery date is the first half of 23. And that was before Rivian drastically cut its expected production volumes by nearly half due to supply chain constraints.”
Tesla CEO Elon Musk issued a warning increase in prices and delivery times during the automaker’s 2022 first-quarter earnings report in April.
“It may seem like we are unwisely raising the prices of our vehicles given that we had record profits this quarter,” Musk said. “But the waiting list for cars is quite long, and some of the cars that people will order, the waiting list extends into the next year.”
Demand Ford F-150 Lightning so strong that Ford had to go public with 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, price fluctuations and the availability of raw materials and other goods are forcing some companies to produce fewer cars than planned. Lucid has cut its 2022 production forecast to 12,000 to 14,000 units from its original target of 20,000 vehicles. Rivian, too, may fall short of the 20,000 units planned at the beginning of the year.
Credit: techcrunch.com /