Dear MEL Topic Readers,
Three big reasons Americans haven't rapidly adopted EVs
While nearly 30% of new vehicle shoppers are likely to consider an EV
in the US, they aren’t buying EVs as much as the car and EV industries hoped. Even
though annual EV sales are expected to surpass the one million threshold this
year in the US, it is a mere one-14th of the global EV sales. Why aren’t Americans
buying and driving EVs? The first hurdle is the affordability. The median
income for a family of four in the US is around $70,000 while the average
electric car costs over $60,000. As inflation and interest rates rise, EVs are still
too expensive for average consumers even with government and state subsidies. And
remember, most households in the US need more than one car. The lack of reliable
charging stations is another roadblock for EVs in the US. The increase in
charger installations hasn’t kept up with the pace of EV sales. And not all the
charging poles are functioning as properly as they are supposed to. Also, many
Americans drive a long distance. When they travel, they neither want their
driving range limited by the battery nor spend longer than a few minutes for
charging. Indeed, gas stations are all over the place where drivers can also
rest, eat, and buy things. In the meanwhile, China’s EV and PHV market is
leading the world.
Read the article and learn why the US EV market looks so small in the
rear-view mirror.
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