.S. drivers bought electric cars and trucks at a record rate in 2022, heralding double-digit growth in 2023 as major automakers and startups roll out eye-catching new models. But high sticker prices, costly batteries and lingering concerns about charging infrastructure will continue to constrain growth—particularly outside of California.
The Golden State, which has pushed carmakers to sell electric vehicles since the 1990s to help ease persistent air pollution problems and cut carbon emissions, is a different country relative to the U.S. overall when it comes to battery-powered vehicles. Through the first three quarters of 2022, 15% of all new autos sold in California were electric, triple the national rate.
“From a raw materials perspective, lithium will continue to constrain EV demand until the end of 2025 or early 2026,” said Cameron Perks, senior analyst for London-based Benchmark Minerals, which tracks battery metals. “Expect sustained higher prices until that point.” Interest in EV ownership among U.S. consumers is improving though it’s got a long way to go. Currently, only 20% of adults are “very interested” in buying an electric car in the next five years, according to. The key concern cited by people surveyed is a lack of charging stations, 48% of whom listed that as a major factor. The cost of owning an EV, mainly the purchase price, is also a major or minor consideration for 69% of respondents, Morning Consult said.
Lol
Need better (and cheaper) batteries.
Hybrid is the only way to go
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