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U.S. Consumers Pull Back on Electric Vehicle Purchases

Daniel Kim Views  

AFP-Yonhap News

The popularity of electric cars in the U.S. is declining. The price burden caused by high interest rates and the lack of charging infrastructure is holding back the mainstreaming of electric vehicles.

On the 16th (local time), market research firm JD Power released the 2024 U.S. Electric Vehicle Consideration Report. Among the survey respondents, the proportion who said they were highly likely to consider purchasing an electric vehicle this year fell by 2 points to 24% from 26% last year. The proportion of those who responded somewhat likely also decreased by 3 points to 58% compared to last year. JD Power’s report on the intention to purchase electric vehicles has been published since 2021. This is the first time in the three-year ongoing survey that the intention to purchase electric vehicles has declined.

Respondents cited expensive prices, high interest rates, infrastructure shortages, and lower oil prices compared to last year as reasons for their reluctance to buy electric vehicles. Among the survey respondents, 52% cited a shortage of charging stations as the reason they would not purchase an electric vehicle, pointing out the lack of infrastructure as the biggest limitation. JD Power explained, “40% of consumers were not well informed about benefits such as tax deductions for purchasing electric vehicles,” and added, “Consumer education should be prioritized for market growth.”

Daniel Kim
content@viewusglobal.com

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