Nick Pope
Americans looking for a new car are 14% less likely to want to purchase an electric vehicle (EV) in 2024 than they were in 2023, according to a survey published Monday by consulting giant EY.
The survey found that 34% of respondents in a sample of about 1,500 Americans planning to get a new car in the next two years want to buy an EV, a 14% decrease from the 48% who indicated they intend to get an EV at some point in the following two years in EY’s 2023 poll asking the same question. The observed decrease in enthusiasm about EVs mirrors an ongoing decline in consumer demand and comes even as the Biden administration is aggressively spending and regulating to significantly increase the share of EVs on America’s roads.
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The reduction in interest for EVs was about four percentage points greater than the 10% overall decrease in American respondents who said they intended to purchase a vehicle of any variety, according to the EY poll.
“We keep hearing about this stalled demand for EVs,” Steve Patton, automotive leader at EY Americas, said of the survey’s findings, according to Automotive News. The weakening of demand “was reflected in a much bigger way than I probably anticipated.”
In addition to EY’s survey, The Associated Press and McKinsey and Company have both released their own polls in recent months, demonstrating that American consumers are not especially enthusiastic about EVs.
Americans’ hesitance to buy an EV has persisted despite the best efforts of the Biden administration, which has spent billions of dollars to subsidize EV production and adoption in pursuit of its goal to have EVs make up 50% of new car sales by 2030. The Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA) have also each issued stringent regulations that will effectively force manufacturers to substantially increase the share of their new car fleets that are electric models over the coming decade.
The White House did not respond immediately to a request for comment.
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