Here's a peculiar sentiment check that we're sure will have liberal voting soccer moms across the nation stunned: it looks as though the country simply isn't rushing out to buy electric vehicles.
At least that was the takeaway from a new Financial Times piece out this week which notes that the U.S. "still lags much of the developed world" in EV adoption.
No wonder those hurricanes coming up the Gulf Coast keep getting bigger! Quick, everybody to the Tesla dealership!
But seriously, the lack of demand is going to also be sure to stun the government, who has been offering tax breaks of up to $7,500 to try and incentivize people to go electric. Though the Inflation Reduction Act incentivizes EVs, imagine how surprised Democratic leaders will be to find out that they aren't the free market and can't plan a state run economy in its entirety.
Instead, FT reveals that "just two in every 10 Americans are “very likely” to buy an EV as their next car", even with the additional IRA subsidies. The number shifts to 1 in 10 Americans among Republicans.
Cost and charger availability are being cited as the two main reasons people aren't buying EVs. Behind them, price still remains a key factor.
And when it came to those who wanted to buy an EV, the IRA subsidy was only cited by 6 in 10 people even cited it as a reason, with only 3 in 10 calling it a "major reason" to buy an EV.
As FT concluded, "economics still trumps ideology".
But don't worry, the Biden administration won't take this as a lesson on why government control of the economy doesn't work - rather, we're certain they'll see it as a prompt to shell out more taxpayer purchasing power as "incentives" to fundamentally alter the course of the notoriously low-margin, capital intensive, auto business - and then blame Donald Trump when their plans don't work out.
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By Zerohedge.com
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That is why claims that EVs will obliterate the global oil industry by 2030 isn’t only wishful thinking but delusional as well.
Dr Mamdouh G Salameh
International Oil Economist
Global Energy Expert
When other Americans realise the total cost of ownership of EVs is lower than that of their ICE vehicle and the guy down the street spends a lot less on running his car than they do, they will switch and the EV share will double every two years
International Oil Economist
Global Energy Expert
And we have here a random title drop ?
Your a economist not a engineer, you're out of your field and just trying to abuse your title to back your opinion...
For a doctor you sure haven't learn any of the logical fallacies. ICE are near Peak thermal efficiency there almost no head room to improve them anymore. If we are talking about efficiency which you should care about since your a economist betting on ICE is a fouls of a dream with the top output efficiency in the 35% range of input energy in the system...
Tesla's the only one producing in volume and they have 16 days of inventory world wide. Much of that is shipping from Shanghai to destination markets... In the U.S. their inventory is much lower... Compare that to 100+ days for several incumbents ICE offerings.
All others EV offerings have very few EV's produced and near 0 in inventory.
Lack of charging stations, time it takes to charge, range all are against the EV with our driving culture the way it is.
Who wants to take a road trip when it takes 45 minutes to get maybe 100 miles of charge added to a vehicle for around $20.
Compared to even my 1990 4x4 pickup I can get that 100 miles range added in less than 5 minutes for about the same $20. I would rather have my EMP proof truck than an EV.
Not only that we don't have the utility infrastructure to support bunches of EV's charging every night for 8 hours only to get maybe 1/2 a charge with a basic charger in a home.
Cost to fill is very similar to electricity on a per miles traveled basis. based on Honda Civic 4 door which is slightly larger than a Model 3
Case closed.