EV prices are falling, and the total cost of owning an EV (including fuel and maintenance) is lower than for gas-powered vehicles. Nevertheless, the still high upfront cost of EVs deters some drivers from a purchase.
Humans are creatures of habit. Many consumers will repeatedly purchase the same product, even if superior options exist. Resistance to change is especially acute with products used daily, like vehicles.
Owning an EV is different from owning a gas-powered vehicle. This means that EV drivers must learn new things, like understanding the range of their car or truck, who can perform maintenance, and where to find public chargers.
Many vehicle shoppers have found that the features they prioritize are not available in the current selection of EVs and that the process of buying an EV is overly complicated.
After many decades of operation, the infrastructure to fuel internal combustion engine vehicles is ubiquitous and reliable. The same is not true of EV charging, particularly charging that takes place away from home. Not only do 78 percent of Americans believe that it’s difficult to locate a charging station, but over 20 percent of EV drivers have arrived at a public charger to find that it doesn’t work.
It is a significant undertaking to retool, reinvest, and refocus the multi-trillion-dollar vehicle supply chain. Auto manufacturers must reinvent many of their existing processes and supply chains to be able to meet the growing demand for EVs.
Supply chain inertia
Barriers to Widespread EV Adoption