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Insight of the Day: Consumers are less likely to consider an EV now than they were a year ago

Recent surveys by J.D. Power and Cox Automotive reveal a decline in consumer interest in electric vehicles (EVs). Key findings include:

J.D. Power US Electric Vehicle Consideration Survey:

  • Drop in Consideration: Fewer consumers are "very likely" or "overall likely" to consider buying an EV compared to the previous year.

  • Reasons for Decline: Persistent concerns about affordability, lack of suitable models, limited battery range, and charging infrastructure.

  • Lack of Awareness: 40% of shoppers lack understanding of available incentives for EV purchases.

  • Shifting Demographics: Younger buyers and those with longer commutes are showing less interest in EVs.

  • Charging Concerns: Charging-related issues are a major factor deterring potential buyers.

Cox Automotive 2024 Path to EV Adoption Study:

  • Reduced Consideration: Only 45% of consumers in the market for a new vehicle are considering an EV, down from 51% last year.

  • Affordability and Charging: These remain the top concerns for potential buyers.

  • Optimistic Outlook: Despite the current dip, analysts expect a second wave of EV adoption in the latter half of the decade as more consumers become open to the idea.

  • Long-Term Growth: Cox remains optimistic about the long-term future of EV sales in America.

Overall:

While current consumer sentiment towards EVs is waning due to factors like cost, limited models, and charging infrastructure concerns, the long-term outlook remains positive. Increased awareness of incentives, expansion of charging infrastructure, and a wider variety of EV models are expected to drive future adoption.

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