Many Electric Vehicle Owners Regret Their Purchase, Study Shows
A study by McKinsey and Company revealed that nearly half of American electric vehicle (EV) owners are considering returning to internal combustion engine vehicles for their next purchase. This sentiment is driven by concerns over inadequate charging infrastructure and the costs associated with EVs. The findings indicate a lack of enthusiasm among consumers toward the Biden administration’s aggressive push for electric vehicle adoption, despite the administration’s efforts and investment to boost EV sales and infrastructure. The study also highlights consumer reluctance to switch to EVs, with many Americans likely to retain their current gas-powered vehicles longer than anticipated.
Nearly half of American electric vehicle owners want to buy an internal combustion engine model the next time they buy a car, according to a new study from McKinsey and Company, a leading consulting firm.
Approximately 46 percent of Americans who own an EV want to go back to a standard vehicle for their next purchase, citing issues like inadequate charging infrastructure and affordability, according to McKinsey’s study, which was obtained and reviewed by the Daily Caller News Foundation.
The study’s findings further suggest that the Biden administration’s EV push is struggling to land with American consumers, after 46 percent of respondents indicated that they are unlikely or very unlikely to purchase an EV in a June poll conducted by The Associated Press and the University of Chicago’s Energy Policy Institute.
Moreover, 58 percent of Americans are very likely to keep their current cars for longer, and 44 percent are likely to postpone a possible switch to EVs, McKinsey’s study found.
Consumers’ concerns about EV charging infrastructure are notable given the slow rollout of the Biden administration’s $7.5 billion public EV charger program, which has so far led to the construction of only a handful of chargers in nearly three years.
Buttigieg says you don’t have to worry about gas prices if you buy an electric vehicle…someone should remind him how out of touch he sounds pic.twitter.com/tiJVkl7wB3
— Daily Caller (@DailyCaller) March 7, 2022
The Biden administration has a stated goal of having EVs make up 50 percent of all new car sales by 2030, and the Environmental Protection Agency finalized stringent regulations in March that will force manufacturers to ensure that up to 56 percent of their light-duty vehicles are EVs by 2032.
The EPA has also finalized strict emissions standards for medium- and light-duty vehicles, while the National Highway Traffic Safety Administration has also locked in fuel economy standards that will further push manufacturers to produce more EVs.
The administration is also spending billions of dollars to subsidize the production and purchase of EVs, but manufacturers are still losing considerable amounts of cash on their EV product lines.
EVs remained below a 10 percent share of all auto sales in the U.S. in 2023, according to Cox Automotive.
The White House did not respond immediately to a request for comment.
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