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#257, Data reveals public hasn’t embraced EVs

Michael James

The Rivian concept is an all-electric SUV with 0-60 mph speed in 3.0 seconds and a 400-mile range.

Divya Sangam, an industry expert at ValuePenquin.com, the LendingTree.com insurance division, is immersed in EVs, the Electric Vehicle segment of the automotive world. In a recently released survey, Sangam detailed the still-niche electric vehicle market.

Specifically, Sangam, citing numerous statistics, reports exactly what is stressed in the survey’s direct headline: “High Costs & Safety Concerns: Why Millions of Americans Aren’t Buying Electric Vehicles in 2023.”

Sangam is our guest this week on The Weekly Driver Podcast.

The public hasn't embraced the expanding marketplace of EVs according to ValuePenquin.com
The public hasn’t embraced the expanding marketplace of EVs according to ValuePenquin.com.

Co-hosts Bruce Aldrich and James Raia discuss with our expert the various reasons the market share for EVs hasn’t substantially improved. And we discuss the unlikely success that awaits the federal initiative’s mandate to have EVs account for at least 50 per of new car sales by 2030.

In 2022, sales of EVs improved by 65 percent from 2021. According to LendingTree.com, however, the increase didn’t make a change in consumers’ buying preferences.

According to the survey, 79 perfect of Americans are still driving gas cars in 2023 and they aren’t ready to make a switch to EVs.

The sale of EVs isn't on par with pending federal electric vehicle mandates.
The sale of EVs isn’t on par with pending federal electric vehicle mandates. Image © James Raia

Sangam details the overall average new EV cost is $58,725. Americans making less than $35,000 are 43 percent more likely to cite price as a deterrent for than those in households making at least $100,000.

Forty percent of American drivers report a driverless automobile would make them feel much less safe on the road. Forty-five percent of drivers believe autonomous vehicles pose a tremendous risk to pedestrians. Fifty-three percent believe the driver should be at fault if they get into an accident

Please join Bruce and me as we analyze the EV market with industry expert Divya Sangam.

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Article Last Updated: March 27, 2023.

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