The Number of People Willing to Buy an EV Has Declined Since 2023

Chris Teague
by Chris Teague

Fewer potential car buyers are likely to consider an electric vehicle than they were at this point last year. That’s the message from the recently released EY Mobility Consumer Index, which came out this morning.

American car buyers are 14 percent less likely to buy an EV than they were in 2023, down to 34 percent from 48 last year. Buyers cite fears about battery replacement costs and difficulties finding and using public chargers as primary concerns. EY’s Steve Patton said that the drop in EV enthusiasm is larger than expected despite an anticipated downturn in demand growth.

The study did find some bright spots in the EV market. It showed that buyers are less concerned about EV range, and people are generally more confident in the public charging networks. That said, battery replacements remain an issue, however unwarranted it might be. Automakers offer at least eight years and up to 100,000 miles of warranty coverage for electric drivetrain components, and most research shows that batteries should last more than a decade.

EY’s findings support what we’re seeing in the industry. Automakers are returning to hybrids and plug-in hybrids to satisfy buyers’ desire for more affordable, fuel-efficient vehicles. They are still pressing forward with EVs and other alternative fuels, but Patton believes that consumer education is vital to ensure future growth in the electric vehicle market, which should help address fears about battery life.

“The consumer needs to be educated. Those batteries are proving to have 12-, 15-year life cycles, and most of us don’t even hold a vehicle for 12 or 15 years.”


[Images: Kia, Ford, GM/Chevrolet]


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Chris Teague
Chris Teague

Chris grew up in, under, and around cars, but took the long way around to becoming an automotive writer. After a career in technology consulting and a trip through business school, Chris began writing about the automotive industry as a way to reconnect with his passion and get behind the wheel of a new car every week. He focuses on taking complex industry stories and making them digestible by any reader. Just don’t expect him to stay away from high-mileage Porsches.

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  • Ilo65710513 Ilo65710513 on Sep 09, 2024
    The recent rental of an EV was instrumental in deciding that my next new vehicle purchase will be an EV. The experience provided more than expected: It enhanced my relationship with the vehicle and driving - I was more aware of speed and range, which I enjoyed. I drove 1000+ miles in 7 days and enjoyed the down time of charging the vehicle (about 45 minutes) as it allowed time to plan my journey. I detest "gas stations", the smell, the sense of menace, the use of fossil fuels and the fact that each fill up adds to the bank balance of some very unsavoury governments around the world. ON the demise of my current vehicle (likely in the very near future) its EV all the way for me !
    • Ajla Ajla on Sep 09, 2024
      It definitely sounds like you will be happiest with an EV.
  • That is how market saturation works. duh......
    • VoGhost VoGhost on Sep 10, 2024
      EVs are pretty far from completely saturating the US vehicle market, but I love the way you're thinking. About 7-10 years ahead of us.
  • Tassos On the 140, Sacco was 100% correct to not be fully satisfied with it, and that if it was shorter (he said by 10 cm, this is probably too much) it would sure look much sleeker and more elegant. This especially affected the coupe version, the successor to the perfect 560 SEC. But as it is, it looks more imposing and more arrogant and the interior room is indeed cavernous, which one can appreciate if he is 6 9" or above, OR if one is a typical morbidly obese, auto illiterate American of 2024.
  • Tassos "...He (Sacco) stated his favorite design personally was the 190, because of how significant it was for Mercedes..." This is NOT accurate. When pressed to name his favorite creation, he said he DID NOT have A SINGLE ONE, but mentioned five or six, INCLUDING the 190. AND It is sure inaccurate that he likedthe 190 "Personally". His Personal CHOICE was CLEAR: the MAGNIFICENT BLUE 560 SEC whose photo you can see in the article.
  • Tassos Toyota used to call its plug-ins with obscure names like "PRIME". For example, the Prius Plug-in is called the Prius Prime. Even for a consumer who KNOWS what a plug-in is, how can he tell if the idiots at Toyota call it "PRIME" instead?>?????? FORTUNATELY somebody with half a brain there recently CHANGED this IDIOTIC naming system and now they call a SPADE a SPADE and A PLUGIN a PLUGIN and not a STUPID PRIME.
  • Tassos Even a broken clock is right twice a day. So is JD Power here. PRICE is the major reason. But there is ANOTHER problem with plug ins. The idiots who buy them (and they, on average, ARE idiots) DO NOT PLUG THEM IN. IT makes no sense whatsoever.
  • ToolGuy I wish I had just one car that was capable of reaching the speed limit -- that would be awesome. Also if I had been born in Canada. If I save up for one of those Telluride cars would that make me feel better? Or would you recommend something European with soft-touch interior plastics? Traffic congestion is life's way of reminding you to think for yourself next time.
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