According to the January issue of “Consumer Reports,” owners of electric vehicles have experienced 80% more problems than owners of gas-powered cars . Recent headlines noted increased owner complaints about reliability, limited charging stations and other unique problems with EVs. Sales are strong, but not as strong as they were a year or two ago.
We believe the reports of EVs’ demise have been greatly exaggerated. The complaints may be legitimate, but we need to keep them in perspective. EVs have been around for a long time, but are not mass produced. Sales of EVs exceeded 1 million for the first time in 2023 . That’s impressive, but it is roughly equivalent to where the internal combustion-powered car was in 1913 — before what we now consider the Age of the Automobile.
You could get windshield wipers and headlights on your car in 1913, but not a radio, air conditioning or power steering, each of which were still more than a decade away. Like conventional cars in 1913, EVs in 2024, while not yet mature, are maturing rapidly. We see improvements in every area of concern, from reliability to charging times and increased range. There is no reason to believe these positive trends won’t continue.
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