### Summary
The majority of Americans are not convinced by federal incentives to buy electric vehicles (EVs), and some are even discouraged by them, according to an exclusive survey. While President Joe Biden aims for two-thirds of new vehicle sales to be electric by 2032 and plans to build a network of 500,000 chargers across the country, only 29% of respondents said incentives influenced their decision to buy an EV.
### Facts
- 🚗 Only 29% of Americans said government incentives had increased their consideration of purchasing an EV.
- 💰 Americans in higher income brackets are more likely to consider owning an EV than those earning less.
- 💸 The cost of EVs remains a barrier across all income brackets, as they are generally more expensive than gas-powered cars.
- 📉 EV sales growth in the US has started to slow, suggesting that high upfront costs are deterring consumers.
- ⚡ Americans have concerns about running out of charge and access to charging stations, particularly in low income areas where the charging infrastructure is lacking.
- 🚙 Two of the world's largest carmakers, Toyota and Stellantis, criticized the government's electric car push as overly optimistic and cited challenges such as the cost to consumers and gaps in the charging infrastructure.
- 📊 Seven major car manufacturers, including General Motors and Stellantis, have announced a plan to install 30,000 chargers to alleviate the shortage.
The majority of Americans are not convinced to buy electric vehicles despite federal incentives, with only 29% saying the incentives impact their decision, according to an exclusive survey by DailyMail.com. Concerns about cost, limited charging stations, and running out of charge are among the main reasons cited for not considering an EV purchase. Higher-income Americans are more likely to consider owning an electric vehicle, but the cost remains a barrier across all income brackets.
Huge price reductions and increased availability are driving growth in the electric vehicle market, which saw record sales in 2023, as major manufacturers like Tesla, Ford, and General Motors lower their prices and pass on cost savings from raw materials to consumers.
China's share of the European electric car market has more than doubled in less than two years, with the UK being the largest market for Chinese electric car brands, as new battery electric technology and lower prices have boosted sales and wiped away concerns about lower-quality cars, posing an "imminent risk" to the European industry, according to industry experts.
The rapid adoption of electric cars in the US is being hindered by the lack of available charging stations, which vary widely from state to state, potentially slowing down the projected growth of EV sales in the country.
The European Commission has launched an anti-subsidy probe into Chinese electric vehicles (EVs) in order to protect Europe's own auto sector and maintain its competitive edge, while acknowledging that various governments, including the EU, also provide support for their domestic EV industries.
Once electric vehicle adoption reaches 5-10 percent of new car sales, researchers predict that a significant surge in sales will occur, potentially reaching up to 80 percent of new sales, as early adopters are replaced by mainstream consumers looking for a good deal; however, a hesitant American public and inadequate charging infrastructure may hinder the country's progress in this transition.
Americans' hesitations to buy electric vehicles (EVs) are largely due to concerns around charging, with surveys showing that a lack of charging stations is a significant barrier to purchase, but efforts are being made to expand and improve the U.S. charging landscape through major incentives, partnerships, and the development of a single charging standard like Tesla's NACS plug design.
A study by Recurrent Motors Inc. found that electric vehicle (EV) batteries are reliable and long-lasting, with most EVs driven close to 100,000 miles still having at least 90 percent of their original range, alleviating concerns about battery longevity and encouraging more people to switch to EVs.
In the Netherlands, plug-in electric car sales are reaching a majority share of the market, with 45 percent of total sales and all-electric cars holding one-third of the market.
Despite electric vehicle (EV) sales hitting records in the U.S., concerns arise as EVs are selling slower than expected due to excess inventory and weaker demand in regions like Michigan and Ohio, which could be attributed to cold weather impacting EV range, requiring smarter marketing and incentives from manufacturers like Ford and GM to drive adoption.
In certain areas of the United States, the adoption rate of plug-in electric cars is significantly higher than the average, with four counties in California having a market penetration of over 30 percent for electric vehicles. However, the geographical distribution of EVs is expected to vary as electrification progresses in different regions, similar to trends seen in Europe. The introduction of electric pickup trucks may play a role in increasing EV market share across the country in the coming years.
The rise of electric vehicles in China is causing a shakeout in the auto market, with midsize automakers struggling to compete with local rivals and the government supporting select companies in its bid to become an automotive powerhouse.
Legacy carmakers like Ford are struggling to catch up with the electric vehicle (EV) revolution led by Tesla and Chinese competitors, as they face a significant technology gap and higher production costs, which hinder their ability to deliver affordable EVs while governments are planning to ban or limit gas and diesel car sales.
Electric Drive Transportation Association President Genevieve Cullen believes that the future of electric vehicles (EVs) is promising, as three factors - technology, policy, and markets - are driving the adoption and expansion of EVs. Despite concerns from autoworker unions about potential job losses, the rise of EVs is unstoppable, with increasing sales and government support.
A new study reveals that premium electric vehicles have higher ownership costs compared to their gas counterparts, while mass-market EVs are 18% more expensive to own than equivalent gas cars, highlighting the challenge of achieving price parity in the EV industry. However, the study predicts that the upcoming Chevrolet Equinox EV could lead the movement towards parity in the mass market.
The states of Washington, Oregon, Hawaii, Nevada, Colorado, New Jersey, Massachusetts, Maryland, Virginia, and California are leading in electric vehicle (EV) sales, with Tesla's Model Y being the bestselling car in California, raising concerns about the nation's aging power grid as EVs gain popularity and the transition to renewable energy sources is accelerated.
The U.S. Department of the Treasury has proposed new rules that would allow car dealers to offer upfront discounts on electric vehicles (EVs) through tax credits at the point of sale, benefiting all eligible buyers and making EVs more affordable, especially for low- and middle-income drivers.
Tesla's market share in the electric vehicle (EV) market in the United States has fallen to its lowest ever, despite a price war, but the launch of its Cybertruck could reverse the trend, according to a report by Cox Automotive.
Electric vehicle (EV) sales in the United States reached over 300,000 in the third quarter, with Tesla's market share dropping to its lowest on record due to aggressive price cuts by competitors, but the company could regain ground with the launch of its Cybertruck, according to a report by Cox Automotive.
Tesla's share of the U.S. electric vehicle market has dropped to 50% as new competitors, including EV startups and legacy automakers, gain market share due to increased competition and the release of their own electric models.
US electric vehicle (EV) sales reached over 313,000 in Q3, a nearly 50% increase from a year ago, with Tesla accounting for 50% of total sales, but its market share is decreasing; meanwhile, the overall EV market share reached 7.9%, driven by higher inventory, more product availability, and downward pricing pressure, according to Kelley Blue Book.
Toyota has partnered with Idemitsu Kosan to mass produce ultra-high-range electric vehicles (EVs) equipped with solid-state batteries, a technology that could enable EVs to travel up to 932 miles on a single charge and charge in just 10 minutes, marking a significant step in Toyota's plans to become the first automaker to offer these advanced batteries commercially.
The average transaction price for new electric vehicles in the US has dropped over 22% compared to last year, driven by Tesla's price cuts, leading to increased demand and growth in EV sales.
Battery-electric vehicles accounted for 7.9% of all new cars sold in the U.S. during the third quarter, with over 300,000 EVs sold, reflecting a 49.8% increase from the same period in 2021.
US electric vehicle sales have increased by 50.1% year-on-year as more car buyers opt for electric vehicles, with a total of 313,086 battery EVs purchased between July and September 2023, according to Kelly Blue Book.
Automakers are facing a slowdown in demand for expensive battery-powered vehicles, leading to growing inventories and high discounts, raising questions about whether the industry pushed EVs too early.
The EV charging market is experiencing substantial growth, creating investment opportunities in companies such as Wallbox, EVgo, Blink Charging, Allego, Enphase, Beam Global, and ChargePoint.
Dealerships are offering significant discounts on electric vehicles (EVs) to boost demand, with some EVs being sold for up to 12% below their listed price, according to Edmunds data.
Automakers are offering significant discounts on electric vehicles, particularly luxury models, as competition in the market grows and consumer interest in hybrids outweighs that in EVs.
