Although electric vehicles are becoming more and more popular and new models are constantly being launched, most Americans do not want to give up gasoline vehicles.
In a recent survey conducted by Yahoo Finance and Ipsos, 57% of respondents said they were less likely to choose an electric vehicle (including battery electric vehicles and plug-in hybrids) when buying their next car-powered cars).
Of this majority group, 36% said it was “not at all likely” to choose an electric car, while 21% said it was “unlikely” and 31% said they were likely to buy an electric car.
The biggest factors deterring potential buyers from purchasing electric vehicles are high prices, limited driving range and inadequate charging infrastructure.
A recent analysis by S&P Global Mobility found that many households with electric vehicles will purchase a fuel-powered vehicle next. In the mainstream market, 52.1% of EV households (excluding Tesla’s industry-leading loyalty figures) have chosen an electric vehicle as their next car choice, meaning almost half choose a gas-powered vehicle.
A whopping 76.7% of Tesla households are purchasing an electric vehicle again, raising the overall luxury EV segment average to 72.6%. Some other brands fare less well; Porsche and BMW have EV loyalty rates of 36.8% and 45.9% respectively.
Despite facing headwinds, electric vehicles are still booming. U.S. electric vehicle sales have grown for 13 consecutive quarters, and the U.S. is on track to sell more than 1 million electric vehicles annually for the first time, according to Cox Automotive.
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