What's driving consumer interest away from EVs?

Consumer interest in EVs has fallen for the first time in three years, according to the J.D. Power US Electric Vehicle Consideration Study. Some of the reasons cited in the study are concerns over charging infrastructure and range anxiety.

Yahoo Finance Reporter Pras Subramanian joins Market Domination to break down the report and what it means for the EV market moving forward.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Nicholas Jacobino

Video transcript

Interest in electric vehicles hitting a speed bump in 2024.

That's according to a new report from the automotive research from JD Power Y Finances Prize.

Sumera joins us here with the details prize.

Yeah.

Yeah, big headline here for the first time in three years.

Uh ev buying sentiment dropped and they've been doing this survey since 2021.

Uh It's been picking up usually they're in the very likely or, or somewhat likely to buy a EV that went down.

So, uh this year in the first three months here, they did this polling uh 24% very likely to buy down from 26%.

And then of those, the broader likely to buy 58% down from 61%.

So, you know, not that much, but it's still a trend.

That's, that's reversing here.

Chief complaints being charging high prices range anxiety.

Where am I going to charge those things that people complain about?

Not, not surprising here, you know, the Tesla supercharging sort of issues recently not helping probably people's sort of opinions there.

But JD Power says there is an opportunity here.

40% of respondents say they don't have a solid understanding of incentives.

Right.

So state federal price cuts, uh, new incentives where Ford says, hey, trading, your Tesla will give you 1500 bucks, you know, so those things can make EVs cheaper, like, significantly cheaper if there's sort of more education there, I guess.

And just quickly the irony about the range anxiety worries that yes, you do have the supercharger issue, but the overall, the charger network is a heck of a lot better than it used to be.

Right.

Yeah.

And, and most people kind of overestimate how much they're gonna drive in general.

Right.

So, it's like they're disappearing the road trip where I can't find a charging thing and look, that's happened to me before where I've been sort of freaked out about where can I charge?

So, it does happen.

But most people drive something like 30 miles a day.

You don't need to worry about ranges.

I, but you're absolutely right about the fact that networks have been growing, but we don't see them as much as we see, let's say a gas station, you're never freak, freaked out about running out of gas.

Right.

So, that's sort of where we need to be, I think.