U.S. Interest in EVs Is Waning, WSJ Study Finds

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U.S. drivers surveyed by The Wall Street Journal expressed increased wariness about owning an electric vehicle.

In an online survey, 3,724 Wall Street Journal readers shared their current vehicle ownership and future lease and/or purchase plans. Of those surveyed, 12% said they were considering purchasing an EV, a drop of 10 percentage points from a year ago. Though interest in EVs was down, more people were considering a hybrid vehicle than a year ago, with consideration up from 32% to 38%, the study found. 

Additionally, 64% of current EV owners are considering buying another EV. While that’s a majority, it’s not an overwhelming amount. 

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Keeping an EV juiced, including figuring out the range between charges and charging logistics, are the top barriers for non-EV owners. 

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“Potentially last year, consumers were waiting for this to become more available, and over the course of a year, I don’t think it’s where they anticipated it would be,” says Carolyn Romano, associate director of Luxury Lifestyle Intelligence at the Journal. “Consumers are just generally making more strategic decisions given the macroeconomic conditions and that includes their auto purchases.”

The average age of respondents was 65, while 75% were male, and the average household income was US$328,598. 

The motivations for buying an EV varied among respondents. Those who had yet to go electric were most interested in reducing their fuel costs, while current EV owners said they were motivated by less required maintenance and better performance.  

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“There are gaps in knowledge of your prospective EV buyers, and that is a space for EV brands to tap into as far as the way they market and message their information,” Romano says. 

Tesla topped the list of brands considered by prospective EV buyers, with 46% considering a Tesla. Last year, Toyota topped the list with 37% of prospective buyers considering one, but fell to 23% this year, she says.

Still, the study found that Tesla owners are more likely to try a new auto brand, with 17% responding they’d be open to trying a brand they hadn’t yet purchased or leased. 

This article was originally published by a www.barrons.com

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