EV Pushers Hit With Major Blow as Large Numbers of EV Owners Turn Back

A McKinsey & Co. survey showed that 46% of American electric vehicle owners are considering returning to gasoline-powered vehicles for their next purchase, surprising some industry experts who expected greater EV loyalty.

Challenges such as insufficient charging infrastructure and increased repair costs have contributed to this shift in consumer preference.

“I didn’t expect that,” Philipp Kampshoff of the Center for Future Mobility said. “I thought, ‘Once an EV buyer, always an EV buyer.’”

EV owners “are experiencing problems that are of a severity level high enough for them to take their new vehicle into the dealership at a rate three times higher than that of gas-powered vehicle owners,” J.D. Power senior director Frank Hanley said.

“It is not surprising that the introduction of new technology has challenged manufacturers to maintain vehicle quality,” Hanley said.

EVs are facing uncertainties regarding potential changes to federal subsidies amid concerns raised by former President Donald Trump and industry analysts about the current administration’s focus on electric vehicles.

EV credits are “hands down the most exposed, no matter how you look at it,” James Lucier of Capital Alpha Partners said.