EV sales hit milestone as prices drop, but inventory piles up
• EV sales in US expected to surpass 1 million units in 2023 for the first time • Tesla and other automakers cut prices throughout the year to boost demand • Incentives from Inflation Reduction Act further supported EV purchases • Falling battery costs, like plunging lithium prices, make EVs more affordable • But EV inventory has surged over 500% as demand growth slows in recent months