Electric vehicles (EVs) are among the most exciting examples of new tech today, Tesla CEO Elon Musk has sparked even more interest following the release of his long-awaited Cyber Truck…but it seems as though EV owners in the United States are increasingly experiencing buyer’s remorse.
According to a study by consulting firm McKinsey and Company, nearly half of all EV buyers in the United States have since changed their minds and are looking to trade in their car for one with an internal combustion engine.
While many may not trade them in, of course, it could suggest that early adopters return to petrol and diesel engines by the time they come to buy their next car.
According to the study, some 46% of Americans who own an electric vehicle are growing frustrated with many of the disadvantages to owning a vehicle that cannot quickly be refilled. Users cite inadequate charging infrastructure that makes it difficult to travel long distances without making long stops, as well as overall affordability.
The same study found that 58% of Americans are likely to keep their current car for much longer than they may have originally planned, while 44% are planning to postpone upgrading or switching to an EV in the future. That’s bad news for the EV market, but it’s also bad news for President Joe Biden’s attempt to convince Americans that electric is the future.
The news will come as a blow to not only President Joe Biden but also to Vice President Kamala Harris, who is hoping to carry the torch for the last administration over the next eight years. Should Harris follow through with Biden’s agenda, she’ll have to stick to a promise of ensuring that electric vehicles make up 50% of all new car purchased by 2030 – just six years away.
At present, Musk’s Tesla dominates the electric vehicle market in the United States – but the controversial CEO has been absent at all White House events focusing on improving the sales of electric vehicles. As of 2023, Tesla held 55% of the total market share – but with competition from luxury brands like Mercedes-Benz and BMW, that number is likely to decrease.
Unless all of these manufacturers can come up with ways of negating customers’ concerns, however – whether that’s making cars run for longer on one charge or making them less expensive to fix – there’s no reason that people won’t simply turn back to the internal combustion engine.
What do you think?
