Transportation Electrification In The Public’s Eye

Study Says EV Adoption Faces Critical Cost Barriers

Stephen Edelstein, January 5, 2023 (Green Car Reports)

Consumers are showing more interest in electric cars, but cost concerns are a critical barrier to further adoption, according to a new study…Just 8% of survey respondents said an EV was the preferred choice for their next vehicle, while 62% said they planned to stick with internal combustion. An additional 20% listed hybrids as their preference, with 8% casting a vote of confidence for plug-in hybrids…

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…[J]ust over half (52%) of U.S. respondents listed cost as their biggest concern regarding EVs, followed by driving range (48%) and charging time (47%). The level of concern over charging appears to have carried over from previous studies, but concern over cost appears to be growing…At least one auto industry executive has warned of an EV market "collapse" if prices don't come down. The recent softening in used Tesla prices [by 17% between July and November 2022] may show some of these market forces at work...

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…Battery cost soared in 2022 due to a number of factors, which could set back EV affordability…EV "intenders" see ownership-cost benefits as one of the strengths…The lower operating costs can still make up for any difference in a matter of a few years, however. The U.S. Department of Energy said in 2022 that every U.S. EV costs less than $1,000 a year to charge, compared to $2,000 to $7,000 to fuel a gasoline or diesel car.” click here for more

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