The Electric Car Regret: Why Gasoline Cars Are Making A Comeback!
It looks like the electric car regret is here. This is why gasoline cars are making a comeback! A New study says that nearly half of electric vehicle owners likely to switch back to gas. Forty-six percent of U.S. electric vehicle owners are leaning toward switching back to traditional gas cars, according to a new McKinsey and Co. survey, with most of the participants citing difficulties with charging.
Here’s the details: According to the consulting firm’s latest Mobility Consumer Pulse report, U.S. EV owners are the second most likely to have signaled they intend to switch back to internal combustion engine vehicles, right behind Australia.
Respondents spanning the globe presented a wide range of reasons for switching back – with many saying charging was an issue. Thirty-five percent site that public charging infrastructure was not up to par, while 24 percent stated they could not charge at home. Twenty-one percent noted that worrying about charging was “too stressful.” For reasons unrelated to charging, 34 percent reasoned total costs of ownership were too high, 32 percent cited long distance traveling was impaired by the vehicles, 16 percent stated they would have to change mobility requirements, and 13 percent stated they did not like the driving experience.
Here’s why this is important: While the report notes that global purchase intent for EVs is continuing to rise – slowly – nearly half of U.S. drivers admitted they are likely to change back to traditional gas cars underlines the difficulties the U.S. and other governments will face in getting consumers to transition to an EV permanently. The report also found that building out charging infrastructure isn’t only a U.S. problem – it’s a problem for many countries looking to electrify their fleet and lower their emissions.
But, the excitement around EVs is still real. Among current non-EV owners, the share considering a battery EV or a plug-in hybrid electric vehicle has grown between three and four percentage points from December 2021 to February 2024. The number of those who want a new or used ICE has stagnated or declined within the same time period.
Twenty-seven percent of European consumers are likely to consider a Chinese EV brand – which could prove tricky for the EU, considering it decided to impose additional tariffs on electric vehicles imported from China.
Consulting firm McKinsey and Company surveyed two groups of car owners: those who own an electric vehicle and those who own gas-powered cars, who have thought about buying an EV.
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