New Study Reveals How Electric Vehicle Owners REALLY Feel About Their Choice...

By Lisa Pelgin | Friday, 21 June 2024 05:15 AM
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Image Credit : Photo by John Doe for Connected World Magazine

A recent study by McKinsey and Company, a renowned consulting firm, has revealed that nearly half of American electric vehicle (EV) owners are considering a switch back to traditional internal combustion engine vehicles for their next purchase.

This surprising statistic, as reported by the Daily Caller, underscores the challenges facing the Biden administration's ambitious push for EV adoption.

The study, which was examined by the Daily Caller News Foundation, found that approximately 46% of American EV owners are contemplating a return to conventional vehicles. The reasons cited for this potential shift include the lack of adequate charging infrastructure and concerns over affordability. This sentiment echoes the results of a June poll conducted by The Associated Press and the University of Chicago’s Energy Policy Institute, in which 46% of respondents expressed their reluctance or extreme unlikelihood to purchase an EV.

Furthermore, the McKinsey study discovered that 58% of Americans are highly likely to retain their current cars for a longer period, and 44% are likely to delay a possible transition to EVs. These consumer apprehensions are particularly noteworthy in light of the slow progress of the Biden administration's $7.5 billion public EV charger program. Despite its lofty goals, the program has only managed to construct a handful of chargers in nearly three years.

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The Biden administration has set an ambitious target for EVs to constitute 50% of all new car sales by 2030. In line with this objective, the Environmental Protection Agency (EPA) finalized stringent regulations in March, compelling manufacturers to ensure that up to 56% of their light-duty vehicles are EVs by 2032. Additionally, the EPA has established strict emissions standards for medium- and light-duty vehicles. The National Highway Traffic Safety Administration (NHTSA) has also set fuel economy standards that will further pressure manufacturers to produce more EVs.

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Despite the administration's significant financial investment in subsidizing the production and purchase of EVs, manufacturers continue to face substantial losses on their EV product lines. According to Cox Automotive, EVs accounted for less than 10% of all auto sales in the U.S. in 2023.

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The White House has yet to respond to requests for comment on these findings. The study's revelations underscore the uphill battle the administration faces in its quest to transition the nation to electric vehicles, a challenge that is clearly resonating with the American public.

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