They say the way of the future is electric vehicles….they are more environmentally safe than our current means of transportation.
I am sure all the statements are accurate….but the problem as I see it is the cost. These vehicles are not cheap and after we have ours the battery replacements can be astronomically high….then there is the charging stations….my area at this time there is one I know of and another under contruction….but what is the true cost of owning an electric vehicle.
The electric vehicle story seems to have changed lately from an expectation of rapid adoption and frantic production to a reality of cooling interest and pullbacks in investments.
General Motors (GM) – Get Free Report pushed back its EV targets and postponed its coming EV lineup in what it called an effort to ensure profitability; Ford (F) – Get Free Report postponed $12 billion in EV investments; Hertz is slowing the electrification of its fleets, in part citing weak resale value; and Tesla (TSLA) – Get Free Report remains engaged in a price war meant to entice skeptical buyers.
While some data show that EV adoption is on the rise, with EV sales making up a record 7.9% of total industry sales in the third quarter, consumer interest is still flagging.
Polling from S&P Global Mobility found in May that only 67% of respondents are open to buying an EV, a significant reduction from the 86% of respondents that were open to such a purchase in 2021.
While EV adoption might be increasing, the growth in the sector is slowing as consumer concerns over both price and range cool interest.
It’s no coincidence that Tesla remains so committed to slashing its prices; the biggest pressure point in the transition to EVs, according to S&P, is price.
“Multiple hurdles need to be cleared to achieve widespread EV adoption,” S&P wrote. “Buyers may want to wait for the next technological advance, or have concerns about charging time and charger availability, but in the end, consumer finances — not engineering — lead the current buying resistance to EVs.”
Part of the gap in the adoption curve additionally involves differences between early adopters and the masses.
https://www.thestreet.com/electric-vehicles/electric-vehicle-tesla-adoption-curve-cost
While I believe that the electric vehicle movement is an excellent idea I still wonder if we all will be able to afford to buy then operate one of these.
Just a thought.
I Read, I Write, You Know
“lego ergo scribo”
They need to make a battery that is not guaranteed to cremate the drivers after an accident.
They wish they had been cremated when they see the bill for battery replacements…LOL chuq
hilarious
😎
Interesting perspective, and add to it the horror stories of public chargers not up to the challenge…I own a Tesla and have plenty of charging stations to use, but Tesla is in a league of their own in that regard…many people simply don’t feel comfortable relying completely on electricity…I also have a Prius and it’s great – 50+ miles a gallon helps the environment without risking the ability to drive in a power outage…a valid concern that many have
The lack of chargers will change. EVs are at the same point gas cars were back in the early 1900s when the support infrastructure didn’t exist yet. Places where you could buy gas and oil back then were few and far between, and some automobile owners had to bring in gasoline via railroad or even horse drawn wagons.
I agree, and own a Tesla where I am confident of getting a charge – but too many others with other EV’s are having issues and that is putting the brakes on sales…I hope that the proliferation of chargers continues quickly
My area keeps promising more stations but so far it has been just words…..my Daughter has a Prius. chuq
While I understand the importance of lowering the pollution levels, it hasn’t been well planned at all…outside of Tesla charging stations, they are unreliable and if you can’t charge you are stranded pure and simple…we got it all backwards again.
We seem to do that a lot….LOL chuq
You have a good point, and not just about EVs but also gas powered cars and trucks as well. I read somewhere that the average price for a new car in the US is pushing $50,000. A fully equipped pickup truck can set you back $75,000 or even more. The average monthly car payment is around $700/month.
Meanwhile the automakers could indeed make far more affordable vehicles. In Europe you can get a pretty nice new car for around $20,000 or even less. They aren’t fancy, they’re generally small, especially by US standards, but they also get ridiculously good fuel economy with 60+ mpg. The US car makers won’t build them though because they don’t make as much profit off a small cheap car as they do off an expensive big one.
Back in the 70s I commuted to work and college with something called a Japanese kei car, a Honda Z600. 600 cc air cooled engine, 4 speed transmission, front wheel drive. Tiny little thing. Cost almost nothing to run. Think I paid a whopping $700 for mine. Got about 60 MPG and was a hoot to drive. Not long after I bought mine the government made it illegal to import them into the US because of pressure from the big three US automakers.
Pick-up trucks when did they become a luxury item? I had a Renault Daphne loved it. I know EVs are coming I just wish my area would catch up to the rest of the country. chuq
I believe that China dominates the electric vehicle market, especially in terms of price, like BYD. In our countries, we are suffering from rising oil prices, but as you mentioned in your article, the price difference is still significant.
At least with electric the price of charging should remain the same not like gas in this country it goes up and down like a yo-yo…..chuq
I hope that.
One complication of EV batteries is they lose full charge capabilities over time so the travel possible with a new car is greater than in the same one with a five- or ten-year-old battery.
And then the3 cost of the replacement of those batteries….enough to give one a heart attack. chuq