Fewer Americans Want to Buy an EV

The number of people in the U.S. who would be willing to buy an electric vehicle has fallen by 14% since last year, as drivers worry about battery longevity and charger availability.

The insight comes from EY, which found in its annual Mobility Consumer Index that only 34% of surveyed Americans planning a car purchase over the next 24 months wanted this car to be electric. That’s down from 48% in last year’s survey.

“While we’ve seen substantial increases in interest and purchasing of EVs since 2020, this year’s MCI shows dips in demand for the first time,” Steve Patton, EY Americas Automotive Leader, said.

“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,” Patton also said.

EVs have been long advertised as cheaper over the long term due to lower maintenance requirements resulting from fewer moving parts in an electric engine. However, increasingly frequent reports of battery damage that necessitates costly replacement and battery fires have put many off electric cars.

“Expensive battery replacement was the top deterrent to purchase an EV for US consumers, overtaking lack of charging stations for the first time,” EY said in its report. “This is especially true for potential first-time EV buyers, as 27% noted concerns about expensive batteries compared to 23% of current EV owners.”

At the same time, the number of people concerned about chargers is on a decline overall. While in 2023 34% worried about charger availability, this year the percentage is down to 23%. There was also a decline in the number of people worried about rage, from 30% in 2023 to 24% this year. This decline, however, does not seem to have translated into a higher willingness to buy an electric car.

By Irina Slav for Oilprice.com

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