Nearly half of American electric vehicle owners want to buy an internal combustion engine model the next time they buy a car, according to a new study from McKinsey and Co., a leading consulting firm.
Approximately 46% of Americans who own an EV want to go back to a standard vehicle for their next purchase, citing issues like inadequate charging infrastructure and affordability, according to McKinsey’s study, which was obtained and reviewed by the Daily Caller News Foundation.
The study’s findings further suggest that the Biden administration’s push for electric vehicles is struggling to land with American consumers, after 46% of respondents indicated they are unlikely or very unlikely to purchase an EV in a June poll conducted by The Associated Press and the University of Chicago’s Energy Policy Institute.
Moreover, 58% of Americans are very likely to keep their current cars for longer, and 44% are likely to postpone a possible switch to electric vehicles, McKinsey’s study found. Consumers’ concerns about EV charging infrastructure are notable given the slow rollout of the Biden administration’s $7.5 billion public EV charger program, which so far has led to the construction of only a few public chargers in nearly three years.
The Biden administration has a stated goal of having EVs make up 50% of all new car sales by 2030. The Environmental Protection Agency finalized stringent regulations in March that will force manufacturers to ensure that up to 56% of their light-duty vehicles are EVs by 2032.
The EPA has also finalized strict emissions standards for medium- and light-duty vehicles, while the National Highway Traffic Safety Administration has locked in fuel economy standards that will further push manufacturers to produce more EVs.
The Biden administration is spending billions of dollars to subsidize production and purchase of electric vehicles, but manufacturers are still losing considerable amounts of cash on their EV product lines. EVs remained below a 10% share of all auto sales in the U.S. in 2023, according to Cox Automotive.
The White House did not respond immediately to a request for comment.
Originally published by the Daily Caller News Foundation
