Why Are Electric Vehicles Losing Popularity?

LOS ANGELES - Dec. 18, 2024 - PRLog -- In 2023, more than a million electric vehicles were purchased by American car shoppers.(3) By the second quarter of 2024, the sale of electric vehicles (EVs) increased by 7.3%, which is not as impressive. The situation has been even more bleak in electric-friendly California, where the goal of reducing carbon emissions has heavily relied on creating incentives for car buyers to buy electric instead of gas-powered vehicles.

California's EV Mandate is a plan to eventually ban all carbon emitting vehicles by 2035. However, EV sales in the state suggest that there may be roadblocks to selling 80% electric and 20% hybrid models to California residents.

Overall car sales in California were up 4.8% in 2024, with hybrid cars up 24% in sales. But after years of sales growth in California's automotive industry, the electric vehicle market went from a slow decline, beginning at the end of 2023, to being in the negative towards the end of 2024.

One wonders what actually happened. Was the decline in sales due to customer dissatisfaction, the unreliability of EVs or the sticker shock when shopping for an electric vehicle? If California is not going to succeed in replacing gas powered vehicles with EVs, then is it totally unattainable by other states as well?

Let's take a look at some reasons contributing to the attrition in electric vehicles sales and what the market looks like here in the U.S. https://smartfinancial.com/electric-vehicle-popularity