by Martin Armstrong, Armstrong Economics:
Consumers have been reluctant to make the switch to Electric Vehicles, and nearly half who have experienced buyer’s remorse. A new study by McKinsey & Co.’s Mobility Consumer Pulse polled 37,000 EV owners globally, 46% of whom said they are “very likely” to switch back to the combustion engine when purchasing their next vehicle.
One of my cars is electric and it is fine for shorter trips. It would be impractical to use it as a daily vehicle as charging the vehicle takes far more time than simply stopping at the pump. A long-distance trip would be improbable. Those who cited wishing to return to traditional vehicles said a lack of infrastructure (35%) was their main gripe, with 40% saying there are not enough charging stations on highways.
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The government will likely use this as a case for increasing EV charger funding, but the majority of citizens overall do not want to go electric. Why should we force all taxpayers to subsidize stations for those who can go electric? Around 34% of people who made the switch said that costs are far too high. They tout the decreased need to fuel but fail to explain that maintenance costs are far higher.
Drivers in Canada, for example, have recently realized that EV batteries were never tested on their environmental conditions. Their batteries are draining faster due to cold climates, and it takes far longer to warm the cabin. Extreme weather drastically reduces the efficiency of EVs, not to mention they cannot charge if there are issues with the power grid.
The Biden Administration spent billions over the past three years to increase charging stations across our nation’s highways, and yet, only seven have been built. Biden sanctioned EVs coming from China, and Trudeau is considering doing the same. This would have been a cheaper alternative for consumers but not an end-all solution. Every government agency supporting the Build Back Better agenda plans to force its citizens to make a switch in the coming years, whether they like it or not.
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