Electric Vehicle Interest Falls to Six-Year Low in US, Europe Amid Cost Concerns

Interest in electric vehicles (EVs) is declining among non-owners in both Europe and the United States due to high costs and economic pressures, with a notable drop in consideration rates over recent years. Surveys indicate that only 16% of U.S. adults are likely to purchase a fully electric vehicle next, the lowest in six years, citing high battery repair costs, purchase prices, concerns about long-distance travel suitability, and safety issues as major barriers. Despite improvements in public charging infrastructure and reduced range anxiety among current EV owners, hesitancy persists, especially in Europe where charging network improvements lag behind the U.S. Furthermore, policy changes in the U.S., including the rollback of fuel-economy targets and threats to incentives like those in the Inflation Reduction Act, are significantly slowing EV adoption, leading to lower projected sales and battery demand. While EV sales globally continue to grow, the U.S. market's slowing pace is expected to cause an overcapacity in battery manufacturing. Supporters of EVs continue to highlight benefits such as fuel savings, environmental concerns, and lower maintenance costs, but overall consumer perception has shifted, with fewer people believing that most cars will be electric within the next decade.