Electric vehicles (EVs) are slowly gaining popularity in the United States as automakers expand their offerings and stricter emissions laws come into effect. However, many car buyers remain skeptical of the technology and are not purchasing EVs. The outcome of the 2024 presidential election will play a significant role in determining the future of EV adoption.
In recent years, the White House and Democrats in Congress have implemented policies aimed at increasing EV adoption. The most significant move was introduced in March, requiring U.S. automakers to make half of their new sales either all-electric or hybrid vehicles by 2032. Despite brisk sales in previous years, dealerships are struggling to sell new EVs in 2024.
Meanwhile, other countries like China are leading the way in EV utilization and production. Global demand for EVs is expected to continue rising as technology improves and automakers offer a wider range of models.
The Republican Party’s platform for 2024 promises to roll back what they call the “EV mandate” if former President Donald Trump is elected and if the GOP gains power in Congress. On the other hand, Vice President Kamala Harris and the Democratic Party have signaled their commitment to existing energy and climate policies.
Demand for battery-powered EVs has risen sharply since 2019, with about 19 percent of all light-duty vehicles sold in June being either EVs or hybrids. However, analysts predict that growth may slow down due to a lack of consumer interest at current price points.
The average price of a new EV is between $56,000 and $60,000, which is unaffordable for most Americans who budget around $30,000 for a car purchase. As a result, dealerships are struggling with excess inventory on their lots.
Major automakers like Ford have already scaled back their production plans for specific electric models due to lower-than-expected demand growth. Tesla also reported lower revenue due to decreased average selling prices.
The outcome of the presidential election will determine whether policies aimed at boosting EV purchases will be scaled back or delayed based on consumer demand. Public investment in charging stations will also play a crucial role in supporting future adoption rates.
Improving public confidence in charging infrastructure is essential since many consumers cite concerns about accessibility as one reason they would switch back to gas-powered cars from electric ones.
For widespread adoption of electric vehicles to occur successfully across America’s diverse population segments with varying budgets and needs—lowering costs while improving charging infrastructure remains key.
