The transport sector accounts for around 28.2% of total carbon emissions in North America. In a bid to cut down these emissions, reduce reliance on fossil fuels and improve air quality, several state governments have been considering banning the sale of new internal combustion engine vehicles in exchange for electric vehicles (“EVs”). Powered by clean, renewable energy, EVs produce zero emissions at the tailpipe, making them perfect for drivers keen on reducing their carbon footprint.
However, EV adoption is far from universal, with the high upfront costs and range anxiety keeping most drivers from making the switch to electric vehicles. This is corroborated by a new “Consumer Reports” survey, which found that most U.S. drivers are interested in going green but have been held back by expensive costs and insufficient charging infrastructure. More than 70% of the surveyed drivers expressed interest in purchasing an electric vehicle, while 27% said they would consider getting an EV as their next vehicle and 4% said they were planning on making an EV their next vehicle.
When they were asked to choose from a list of the factors that concerned them most about purchasing an electric vehicle, 5 out of 10 drivers chose “not enough charging stations.” Additionally, most respondents said that policy actions such as installing public charging stations along highways would make them more willing to lease or buy an EV. Respondents also asked for more government incentives to make EVs as affordable as internal combustion vehicles, with 60% of respondents supporting state and federal incentives for all consumers, while 12% opposed.
The surveyed drivers were also in favor of a more diverse range of all-electric models, with 7 out of 10 respondents saying that they would like automakers to offer electric powertrains in more vehicle models including full-size SUVs and pickup trucks. Only 4% of the respondents opposed the idea, meaning automakers such as Rivian, Tesla, Ford and General Motors that have been developing electric pickups are on the right track.
The “Consumer Report” survey found results similar to a 2019 poll commissioned by Volvo. That poll surveyed 1,510 U.S. drivers in October 2018; 61% of those respondents said insufficient charging infrastructure holds them back from purchasing EVs. Other results indicate that 58% of the respondents said they were worried about running out of juice on the road, and 57% said they would consider purchasing an EV if it didn’t cost much more than a conventional car.
The future of EVs seems to be bright, and it is no wonder that the industry is seeing a flurry of investor activity. For instance, Net Element (NASDAQ: NETE) is in the process of completing a reverse merger with Mullen Technologies Inc., a maker of electric vehicles in California.
NOTE TO INVESTORS: The latest news and updates relating to Net Element (NASDAQ: NETE) are available in the company’s newsroom at http://ibn.fm/NETE
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