At least in the US, electric vehicle sales have hit a tipping point. Research firm Kelley Blue Book finds that, nearly a 50% increase from a year ago, with EV market share hitting 7.9% — its highest ever level. But this milestone might not be good enough for automakers spending billions on an EV transformation.
New research from J.D. Power out Friday morning puts automaker concerns about pricing and the consumer in stark contrast to once rosy EV sales projections. While a tax credit pull forward is nice, it seems buyers will need more incentives to make up for the price differential between EVs and gas-powered cars and cover the increased financing costs as a result of higher rates. This does not even begin to take into consideration range anxiety and lack of charging infrastructure, which a whopping 77% of respondents to“Infrastructure for charging is the elephant in the room.
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