Jun 11, 2024 - Business

Slumping sentiment for EVs

Slope chart showing the share of U.S. adults say it is likely or unlikely they would buy a fully electric vehicle, from an AARP survey of at  least 1,100 U.S. adults annually; 2022 and 2024. Overall, Less people said they were likely to buy a fully electric vehicle in 2024 than 2022. More said they were unlikely to, with 51% in 2022 and 63% in 2024.
Data: AAA; Chart: Tory Lysik/Axios Visuals

The public's sentiment toward electric vehicles is deteriorating.

Why it matters: EV companies like Tesla, Rivian and Lucid — plus automakers like GM, Hyundai and Mercedes-Benz — have staked their success on a future fueled by little or no gasoline.

By the numbers: 63% of adults say it's unlikely or very unlikely that they will buy an EV for their next vehicle, up from 51% in 2022, according to a new AAA survey of 1,152 Americans.

  • Only 18% say they're likely or very likely to do so, down from 25% in 2022.

Zoom in: 60% cite concerns about higher prices, while 54% say they're worried about finding charging.

💭 Nathan's thought bubble: Politics could also be playing a role here, as EVs have become increasingly politicized.

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This story was an excerpt from Axios Closer, a recap on the day's biggest business stories.

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