Cruising to Snoozing
Electric vehicles, or EVs, began their journey on a high note when many raced to get behind the wheel of the major technological advancement. Now some are pumping the brakes.
The hesitation surely stems in large part from the upfront cost, as EVs often cost at least $10,000 more than comparable gas-powered cars. But it’s not just the price — there are also concerns surrounding the newer technology.
The Gas Grip
It’s also about the logistics:
For many, the necessity of charging these cars is still uncharted territory. Even as the presence of charging stations has expanded, 33% of potential buyers worry about charging availability. Meanwhile, 40% expressed concerns about the range of a single charge.
As EV technology improves every year, there’s a lingering sentiment that better electric vehicles are just around the corner. Together, these factors could lead to a more prolonged and uneven transition to EVs than many experts originally predicted.
Big players like Ford (F) and Toyota (TM) are rethinking the all-out electrification of the automobile world. According to Ford CEO Jim Farley, gas vehicles might have a few more gallons in the tank than some thought.
The American automobile giant plans to quadruple its hybrid vehicle production. In doing so, it implicitly backs Toyota’s long-time stance. The Japanese manufacturer remains focused on perfecting the iconic Prius rather than pumping out new EVs.
For those fully sold on the electric future, don’t ditch your EV dreams just yet. For every legacy company slowing down, there are fully-EV companies like Tesla (TSLA), Li Auto (LI), and Rivian (RIVN) with the pedal to the metal.
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