From Fortune Magazine:

Despite predictions of booming sales, U.S. electric vehicle (EV) sales fell short of expectations in 2023. Consumers cited range anxiety, high prices, and a lack of financial incentives as barriers to purchase. Despite this, electric vehicle sales topped 1 million for the first time, with a 60% interest in EVs among prime earning aged Americans. The biggest factor to push interested consumers to buy electric is the need for readily available charging stations.

The biggest issue for EV sales seems to be public education – helping consumers understand that their desires are being met. As more charging stations are built and EVs become cheaper, it’s likely that EVs will continue to go mainstream. While researchers and analysts can predict the direction of change, they cannot reliably predict its pace. Market leader Tesla slashed prices to boost sales, but other manufacturers delayed investments and production.

Despite a decline in sales, the demand for electric vehicles is growing, with consumer interest rising to 51% for their next car likely to be a battery-powered electric. EVs are most popular among older millennials, younger Gen Xers, people of color, and those with higher annual incomes and education levels. Regarding the issue of range anxiety, General Motors CEO Mary Barra noted the need to convince potential EV customers that their travel experience will be as easy and seamless as an ICE (internal combustion engine) experience. With more charging stations, lower prices, and a wider range of models, it’s likely that EVs will go mainstream.



Read more: U.S. EV sales fell short of predictions in 2023. Elon Musk and range anxiety could be to blame, according to a new poll