The Growing Concerns and Hurdles for EV Buyers

Despite price cuts and tax breaks, electric vehicle (EV) sales in the US are facing challenges as inventories have increased by 506% from a year ago, with EVs sitting on lots for longer. Surveys indicate that EVs are still too expensive for most people, even with government incentives. While prices have dropped, the average EV list price remains 28% higher than a gas vehicle. Other factors contributing to the slow adoption of EVs include concerns about charging infrastructure, battery life, and the inconvenience of longer charging times. Additionally, the total cost of ownership for EVs, including upfront costs for home chargers and higher insurance rates, is still higher compared to gas vehicles.