EVs Could Be Just a ‘Fad’ As Sales Slump in America

While Tesla cut prices on their vehicles, other car manufacturers like Ford also dialed back on the production of their EVs (Electric Vehicles). What’s causing EV sales and manufacturing to be so slack these days? Find out what’s happening in the EV market in this post. 

EV Cars Are the Future 

Electric cars (EVs) may seem like the future of motor vehicles, but it isn’t without its share of challenges for users and manufacturers alike. 

Production Drop

According to CNN, the Bloomberg New Energy Finance (BNEF) projected a sales expectation of EVs at 1.7 million for 2023, but only 1.4 million were produced. 

Just a Mini Setback 

The U.S. EV market may have dropped a bit in production and demand, but that isn’t to say that the production has stopped. According to a CNN report pulled from Cox Automotive, the EV market grew by 40% last year. 

Realistic Expectations From Consumers Are Low 

Customers often have unrealistic expectations for EVs or plug-in hybrids (PHEVs). If the car doesn’t perform or project what they’ve expected, it’s easy to grow despondent about the vehicle. 

Findings of Survey 

America needs around 182,000 fast charging stations by 2030, according to CNN reports. The Department of Energy (DOE) has reported a lack of power stations with only about 40,000 split across the States. 

Battery Concerns 

Consumers are particularly concerned about the longevity of the 12V EV battery that does the main powering of the vehicle. When the battery runs flat, the driver can sometimes not open the doors or crack a window.

Too Expensive For Some Buyers  

EVs are much more than gas-powered vehicles or their hybrid counterparts. The electric vehicle falls between $50,000 and $60,000, depending on the models and the manufacturer. That said, not all buyers are able to afford the expenses of maintenance and charging requirements. 

Limited Styling 

One thing many customers can appreciate in a car is the design and variety of options. Corey Cantor, an industry analyst with the Bloomberg team, said that “…the selection is limited in terms of body style.” For now, customers must contend with one familiar look across the market. 

Limited Charging Stations

With more EV cars required on the road by 2030 and further, the current charging facilities won’t be enough. Of those charge stations available, not all are fast charging, and consumers have to wait a long time before they can charge. 

Charge Port Frustrations 

Customers have come across charging stations that don’t cater to their EV charge port type. Without the correct compatible port, the car cannot be charged. 

Uniformity With Charging Ports 

Tesla has a unique charging port; not all car charging ports are compatible with charge stations. CNN reported that there are plans to create a uniform charging port that matches Tesla’s design. This makes it easier for consumers to charge at any station. Tesla is also the majority EV seller. 

Putting Like Minds Together 

There are plans for major car manufacturers to come together and set up more charging stations. 

Big Players 

Brands like Stellantis, BMW, GM, Hona, Mercedes-Benz, Kia, and Hyundai will work together to ensure more charging stations are available for consumers. 

Charging Stations Everywhere 

Stellantis CEO Carlos Tavares pointed out that the goal is to have an electric charging station at every destination. 

Charging Anywhere

Tavares expressed that chargers should be accessible everywhere, whether at the gym, supermarket, restaurant, or car park. The lack of charging stations is frustrating to EV drivers.

Credit Leasing Options 

EVs are expensive and might not have as much freedom as when purchasing other cars. However, CNN reported that manufacturers of EVs are applying to make it possible for consumers to lease EVs. 

Leasing Allows You To “Try” Before You Buy

This is mainly because consumers are still divided about transitioning to 100% electric vehicles. Leasing allows consumers to “test” the idea before buying the vehicle more permanently. 

Projections for the Future 

The BNEF’s projections for the capacity of EVs on local and international roads by 2040 is 722 million. They also predict the gap period between the Economic Transitioning Scenario and the Net Transitioning scenario to be 380 million by 2040.  

Charging Infrastructure 

According to the BNEF, by 2050, the goal is to have around 242 billion invested in charging infrastructure during the Economic Transition Scenario. 

Closing Thoughts 

If you own an electric vehicle, authorities advise you to become familiar with your vehicle. Even rental electric cars need a quick study to get used to the functions if drivers are not accustomed to the vehicle. 

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The post – first appeared on EcoHugo.

Featured Image Credit: Shutterstock / Darunrat Wongsuvan.