There's Nowhere to Go but Up for EVs

By Jason Simpkins / June 30, 2023 / www.outsiderclub.com / Article Link

The percentage of Americans interested in buying an electric vehicle skyrocketed over the past year.

A survey conducted by Ernst & Young through the months of March and April found that over 20% of respondents would consider making a fully electric vehicle their next car purchase.

That's up from a scant 5% last year.

Furthermore, when hybrids were added into the equation, 48% of respondents said they'd consider buying one a 19% increase over last year.

That's some pretty rapid growth, yet the United States still lags behind the global trend, which is even more EV-friendly.

Indeed, the 2023 EY Mobility Consumer Index found that more than half of worldwide consumers would buy an electrified vehicle.

Nearly 90% of respondents said they would pay a premium for EVs, up from 80% a year earlier.

When you consider the volatile nature of gas prices, that doesn't come as much of a surprise.

Right now, the average price of a gallon of regular gasoline is about $3.56. This same time last year, it was an eye-popping $4.88.

And that's the average, mind you. Prices can also vary wildly from state to state and county to county.

So it tracks that high fuel costs were the top factor driving interest in EVs.

And the main impediment to EV ownership wasn't a surprise, either...

The lack of charging stations.

However, that's also changing, and changing fast.

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