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.