FILE - The Ford F-150 Lightning displayed at the Philadelphia Auto Show, Friday, Jan. 27, 2023, in Philadelphia.
The announcement comes amid sagging electric vehicle sales as Americans appear less and less eager to give up their. EV sales grew just 2.7% in the first months of 2024 compared with last year’s 47%. “We have this crossroads right now where enthusiasm meets reality," explained Ivan Drury, the director of insights for Edmunds. "You’re not having those early adopters who you know, were willing to concede on many aspects of the vehicle.”
A recent study by Boston Consulting Group found consumers who are hesitant to buy EVs worry most about range, charging time and sticker price. “In the current market environment, high-interest rates and gas prices have been relatively low, I think consumers are just kind of hitting pause on EVs,” said Kevin Roberts, the director of industry analytics with CarGurus.“You can get a lot of the benefits of electric vehicles, particularly with the plug-in hybrids, without the limitations, if you need to go on a longer road trip you have that internal combustion engine on board," explained Roberts.
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