Electric vehicle sales are rising, but these alternative fuel vehicles are also flopping in the market. How can both be true at the same time?
In November, electric vehicle sales surpassed one million models for the first time in history. This record sales figure showed that more EVs are being sold than ever before, but there’s a flip side to this coin. EVs spend more time on dealership lots than traditional ICE vehicles. Even during the record-setting time, EVs were on the dealer lots for at least 117 days compared to 70 days for traditional cars.
As expected, political parties can’t agree
Regardless of which side of the political aisle you support, it’s hard to argue that the constant opposition is extremely annoying. Shouldn’t there be agreements on some topics? Even something as beneficial as EVs is being opposed on one side and supported on the other.
It’s 2024, which means a presidential election in November. In addition to the Executive Office, several congressional seats could change hands during this next election. For the first time in recent history, countrywide adoption of electric vehicles has been part of the political discussion, and these parties can’t seem to agree at all.
Do electric vehicles drive far enough yet?
Most EVs tout driving ranges that reach close to 300 miles on a single charge. This is just fine for regular daily driving but can be a challenge when heading out for a road trip. Thankfully, most drivers only take these road trips a couple of times per year. Unless you need more than 240 miles of actual driving range in a day, the limited range won’t be as much of a challenge as what former President Donald Trump suggested at a rally in Ankeny, Iowa. E&E News quoted Trump as saying
“Here’s the problem with an electric car… they don’t go far, they cost a fortune. Unless you want to go to the local store or something, you’re not going to buy it.”
Although most EVs don’t have the same driving range as an ICE vehicle with a full tank of gas, this quote doesn’t show the actual usefulness of EVs.
Would a Republican President reverse recent EV progress?
Some worry that a change in leadership would reverse the recent progress made in the EV market. Seth Schuster, a Biden campaign spokesperson, said,
“President Biden is bringing auto manufacturing back to the United States in a way that Republicans could only dream of doing. Returning to Trump’s failed agenda would ship manufacturing jobs overseas and allow China to beat the US in the EV race.”
Fear that a return to a Republican President would reverse the current progress and allow China to lead the way should worry most Americans, especially the part about China moving in with EVs that could be sold in America.
The data can support both sides
Statistics can easily support both sides of any argument. A baseball player who hits .300 is only successful 30% of the time, but that’s enough to get that person into the Hall of Fame. This player failed 70% of the time but is still happy about that performance.
The same argument works for the electric vehicle market. Sales of EVs were up almost 77% in May 2022, but by November 2023, the year-over-year increase was down to 27%. Most companies would be extremely happy with 27% growth over the previous year, but this change in sales increase can be viewed as a slowing of sales in this market.
Why have EV sales slowed?
Consumers who were waiting for the right mix of electric vehicles to become available were the early adopters of this market. Now, the pressure is on the automotive market to convince the rest of the drivers on the road to make a change. Unfortunately, early buyers were willing to spend a lot more than most consumers to get in early in the EV market.
The slowing of EV sales could be because the prices are too high, the driving range isn’t far enough, EV trucks don’t tow as much as desired, or the lack of charging stations. As more charging locations are built and changes to EVs make them better, more drivers should make the switch from ICE vehicles to EVs.
Still, electric vehicles are now a political topic, with both sides showing various ways of being right. Which right do you agree with? This could make a huge difference in the elections in November.
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