If the U.S. government has its way, electric vehicles will steadily replace fossil-fuel-powered cars over the next couple of decades to curb carbon emissions and arrest climate change. By relying on a rechargeable battery pack rather than an internal combustion engine, electric cars minimize the use of dirty fuels such as gasoline and eliminate tailpipe emissions.
However, more than a decade after the first electric vehicle hit the roads, EV adoption is still staggeringly low. Ask anyone who thought about switching to an EV but ultimately didn’t and they will tell you factors such as super-high prices and insufficient public-charging infrastructure prevented them from purchasing an EV. While new EV sales recently reached 5% of total vehicle sales, we are still a long way from mass electric vehicle adoption.
A recent Consumer Reports poll sought to find out the latest concerns of prospective EV drivers and figure out why there aren’t more EVs on American roads. Consecutive surveys by Consumer Reports and market research company JD Power have found that although plenty of Americans are interested in electric vehicles, they are still skeptical about the new technology.
The JD Power survey revealed that nearly one-third of the market was hesitant about switching to EVs because they didn’t know enough about electric vehicles to be comfortable driving them. Pam Taylor, a driver who is currently shopping for a new vehicle, says that she likes the gas mileage savings that come with EVs but she still has to learn more. New EV drivers often have to “relearn” how to drive because they have to consider a different set of factors when operating an EV.
This includes range, availability of charging stations and tire pressure (EVs have higher tire pressure). Then there are factors such as speed, headwinds weather conditions, and rolling resistance that can increase your car’s energy consumption and eat into the range.
Consumer Reports found that price is another obstacle to EV adoption, with more than one-half of the shoppers surveyed saying they were discouraged from going electric because of the costs associated with owning an electric vehicle. The Kelly Blue Books puts the average price of an EV at around $63,000, which is simply out of reach for a large chunk of the market. In recent months, average EV prices have gone up to $66,000.
Of the consumers who could afford an EV, 30% told JD Power that they didn’t have dedicated parking at home or at work to charge their EVs. This means they would have to rely on the country’s public charging infrastructure and would inevitably increase range anxiety.
Americans’ love for big cars may be keeping them from purchasing EVs, with electric SUVs and pickup trucks becoming especially popular as a result. According to data from Recurrent, large electric vehicles are so popular that presales for electric SUVs and pick-up trucks are eclipsing lifetime sales for older electric vehicles.
Such studies could give electric vehicle industry players such as Mullen Automotive Inc. (NASDAQ: MULN) valuable insights that could help shape their strategic decision as they plot how to claim a bigger share of the market for EVs.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
About Green Car Stocks
Green Car Stocks (GCS) is a specialized communications platform with a focus on electric vehicles (EV), as well as other emerging market opportunities in the green sector. The company provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to millions of social media followers, and (5) a full array of corporate communications solutions. As a multifaceted organization with an extensive team of contributing journalists and writers, GCS is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, GCS brings its clients unparalleled visibility, recognition and brand awareness. GCS is where news, content and information converge.
To receive SMS text alerts from Green Car Stocks, text “Green” to 844-397-5787 (U.S. Mobile Phones Only)
For more information, please visit https://www.greencarstocks.com
Green Car Stocks
Los Angeles, CA
Green Car Stocks is part of the InvestorBrandNetwork.