American Interest In EVs Plunges

By Douglas McIntyre • September 11, 2024

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Whatever hope manufacturers had for a new jump in EV sales has been disappointed. The latest EY Mobility Consumer Index shows that Americans planning to buy a car in the next 24 months are less likely to consider an EV in 2024 than in 2023—only 34% plan to buy an EV, down from 48%.

Steve Patton, EY Americas Automotive Lead, commented, “This decrease is due partly to a lack of consumer education around the long-term value of an EV and maintenance requirements vs. traditional ICE (internal combustion engine) vehicles.” So, why did this education process get worse in 2024 than in 2023?

EV Priced At $25,000

EVs have become even less popular than they were a year ago because prices have risen. This has been a barrier for several years. Despite a plan to bring EV prices below $25,000, US manufacturers have had no success. The Chinese have, but 100% tariffs have kept them out of this country.

EV Drawbacks

Another reason is that the public has only recently become aware of EVs’ drawbacks. One is that the instant torque of EV engines wears tires down quickly. Another is that EV batteries do not change to 100% of their capacity in cold weather.

The car industry has invested tens of billions of dollars in an EV future, which seems farther away.