Why 80% Still Aren’t Biting on EVs

By: James Flippin · August 10, 2023 · Reading Time: 2 minutes

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.

Hybrid Holdout

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.

Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!

Check it out

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

TLS 1.2 Encrypted
Equal Housing Lender