Electric vehicle adoption in the US has lost momentum in recent months

The pace of adoption of electric vehicles (EV) by the consumers The US unemployment rate has lost strength in recent months and has remained at 8.4% since March, according to data released on Wednesday..

The firm JD Power pointed out in a report that these figures indicate that the next few months are “critics” to determine future demand for EVs in the country, which is limited by high prices (compared to combustion engine cars) and lack of options in the mass consumer market.

In the coming months, major U.S. automakers have planned the launch of new, more affordable EVs as well as more versions, so “consumer response to these changing market dynamics” will be a “key indicator” son future demand, JD Power said.

In the high-end EV market, which is still dominated by Tesla with the fifty% of sales, the 70.1% of consumers have an electric option comparable to what they can find in gasoline vehicles.

Additionally, many high-end EVs, with an average price in May of $62,000, are now more affordable than comparable gasoline-powered vehicles.

The report indicated that the offer in the mass consumer market has begun to change considerably since March and that now a 55.7% of the buyers of these vehicles have “a viable EV option.”

Prices for mainstream EVs are only about $1,500 higher, on average, than gasoline-powered versions, down considerably from the $8,400 difference in May 2023.

In some cases, electric vehicles are even cheaper than gasoline-powered ones. This is the case of the electric F-150 Lightning pickup truck, which is $5,073 (after federal purchase incentives) cheaper than the gasoline-powered F-150.

Still, EV demand has stagnated, with U.S. sales of these vehicles accounting for 8.4% of the total market, JD Power said, despite the fact that the 59.5% of consumers declare that it is “very likely” either “likely” who consider purchasing an electric car in the next 12 months.

“Once cost and availability barriers are no longer a factor in consumers’ decision to purchase EVs, the focus will shift to driving and charging experiences as the real indicators of consumer interest in the EV market,” the report concluded.

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