Want a plug-in hybrid electric vehicle (PHEV)? Waiting may be necessary

For this year’s most anticipated electric vehicles, demand is outpacing supply and creating long waits.

Orders for the 60,000 Lyriq SUV have now closed for Cadillac’s 2023 model year. The Lyriq’s backlog has been moved to the 2024 model, which is still available for purchase, according to the company.

Customers of the Lyriq and other EVs may have to fork out hundreds or even thousands of dollars extra if their vehicles are delivered months later than planned due to increasing expenses in the supply chain. Even more so for enterprises whose 2022 production expectations have been reduced owing to component shortages.

From Tesla to Rivian to Ford, it’s a common occurrence. Overwhelmed clients who have been waiting longer than anticipated owing to supply chain issues with automobiles this year have created a backlog.

Dissatisfied customers have taken to Reddit to vent their frustration at having to wait months or even years for a product that has been delayed many times.

After pre-ordering in October of this year, one Rivian R1S owner was hoping to get his vehicle in the first part of next year. Because supply chain difficulties have forced Rivian to reduce its planned production levels by roughly half.”

Tesla’s first-quarter 2022 earnings call in April included a warning from CEO Elon Musk about rising pricing and delivery delays.

“Given that we generated record profits this quarter,” Musk added, “it may appear like maybe we’re being ridiculous about raising the pricing of our cars.” There is, however, a considerable wait for automobiles, and some people’s waits stretch into next year for some of the vehicles they want.

Ford had to address its resale policy publicly due to the high demand for the Ford F-150 Lightning, eventually leaving the choice to the dealer. A total of 150,000 automobiles have already been produced in excess of the manufacturer’s initial projections.

In the meanwhile, firms are being forced to produce fewer automobiles than expected due to shifting raw material and other commodity pricing and availability. In 2022, Lucid expects to construct 12,000 to 14,000 cars instead than the 20,000 it had originally planned. At the beginning of the year, Rivian predicted that it would produce 20,000 vehicles.