Challenges Facing Electric Vehicle Adoption in the U.S.

​Recent trends indicate a decline in American interest in electric vehicles (EVs), influenced by factors beyond high-profile figures like Elon Musk. A 2024 study by J.D. Power revealed that only 24% of potential U.S. buyers were “very likely” to consider an EV, down from 26% the previous year. Key deterrents include high purchase prices, with only 3% of EVs priced under $37,000 compared to over half of gasoline-powered vehicles, and concerns about charging infrastructure availability. ​

Additionally, political associations have impacted consumer perceptions. Tesla’s alignment with former President Donald Trump has led to a 13% year-over-year sales drop, as some consumers feel alienated by this association. ​

These factors contribute to a broader slowdown in EV adoption. Bank of America analysts predict that widespread adoption may be delayed until at least 2028, primarily due to affordability challenges.