High Prices, Range Anxiety Holding Back EV Adoption as electric vehicles punished for a variety of reasons.
While the tax credits for new and used electric vehicles included in the Inflation Reduction Act will do its part in making electric cars more attractive to American consumers, Statista’s Felix Richter notes that there’s more than just the high purchase price keeping Americans from buying electric.
According to a recent survey conducted by AAA, one quarter of Americans say that they would be likely to buy an electric vehicle (excluding hybrids) as their next car. That leaves three quarters who don’t see themselves plugging in instead of filling up just yet.
And the reasons for that hesitancy are mainly threefold. As the following chart shows, it all comes down to three factors: high prices, range anxiety and charging challenges.