Automakers are scaling back electric vehicle plans amid declining enthusiasm.
While EVs made up 7.6% of US car sales in 2021 and are projected to rise to 30-39% by 2030, numerous issues have emerged.
Consumers are finding EVs don’t last as long on a charge as advertised and cities lack sufficient charging infrastructure.
Even Tesla expects lower growth rates. Hybrids offering both gas and electric are gaining popularity as a more practical option.
Analysts note hybrid sales growing 5x faster than EVs in the US currently.
“EVs may be ‘the future’ but are struggling in the present,” Morgan Stanley analyst Adam Jonas said. “Hybrid sales are growing 5x faster than EVs in the US.”
Early adopter enthusiasm has waned as normal consumers prove more cautious about high costs and range anxiety.
The Biden administration still plans strict fuel standards, despite automakers warning the requirements exceed feasibility and would cost billions in fines, costs that would be passed to consumers.
The realities of EVs and infrastructure have not kept pace with lofty projections, dampening “euphoria” around the electric transition.
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